Veritone To Acquire Intelligent Hiring Platform PandoLogic For $150M

Veritone Inc VERI has agreed to acquire intelligent hiring solutions provider PandoLogic, Inc for $150 million in cash and stock.
The purchase price includes $50 million in cash and $35 million in Veritone stock. The remaining 43%, or $65 million in cash and stock, is payable based on earnouts tied to financial performance in FY21 and FY22. Veritone will issue stock consideration valued up to $56.7 million, or 2.8 million shares.
The acquisition is likely to be immediately accretive.
PandoLogic's fully autonomous recruiting platform helps employers source talent faster and more efficiently with predictive algorithms, machine learning, and AI.
PandoLogic will become a Veritone subsidiary operating in Israel. Management plans to update Veritone's guidance on Aug. 3 with the Q2 result announcement.
Veritone held $127.5 million in cash and equivalents as of Mar. 31.
Price action: VERI shares traded higher by 3.1% at $19.28 in the premarket session on the last check Thursday.