The transaction closed May 15 for an undisclosed price. Shaker investor The Riverside Co. purchased a majority stake in Montage, and the transaction represents an exit for Montage’s early investors. Since its 2007 inception, Montage had raised $24 million of investor funding, including an $8 million series D round in 2017.
“There is an exit for the original investors, but it’s a merger of business entities,” said Kurt Heikkinen, president and chief executive officer of Montage, in an interview. “This is really a marriage of equal parties.”
Montage founders Heikkinen, Andy Bonk, Mike Bonk and Patrick Foy developed hiring software that allows employers to more efficiently schedule and conduct interviews, driving down their costs and time per hire. The company was originally called Expressume, and rebranded in 2010.
More than 100 Fortune 500 companies have adopted Montage software, which allows the interviewer and interviewee to schedule interviews quickly, and record video questions or responses on-demand. Over the years, Montage has grown to 100 employees and recently expanded its offices in Delafield, where it has remained because of its ability to attract tech talent from both Milwaukee and Madison.
Shaker International provides predictive talent intelligence and assessment solutions that help companies gain high quality applicants, reduce turnover, recruit more efficiently and improve the hiring experience. Its Virtual Job Tryouts use artificial intelligence to test skills and predict a candidate’s performance in a particular role. The company has 75 employees. Read the full story here.