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Jibe Closes $4 Million Credit Facility from Silicon Valley Bank

Wednesday, October 30, 2013 10:30 AM


Jibe Closes $4 Million Credit Facility from Silicon Valley Bank

Jibe, Inc., a leading provider of recruiting technology solutions, today announced it has closed a $4 million credit facility from Silicon Valley Bank. The funds lend further viability to Jibe’s position as one of the fastest-growing technology innovators in the recruiting and human capital management (HCM) market and will be used to continue the company’s rapid expansion and growth.

“We are pleased to announce the close of this line of credit from Silicon Valley Bank, one of the most respected sources in the technology investment community,” stated Joe Essenfeld, Jibe founder & CEO. “This comes at a time we are seeing significantly increased revenues and an expansion of our client base, and provides us an opportunity to accelerate our strategic growth plan. With the introduction this year of new, data-driven and mobile solutions into a market ripe for disruption, we feel we are extremely well-positioned to continue adding innovative value to the global recruiting and HCM landscape.”

Technology research firm Gartner sizes the HCM market at $8.3 billion in 2014, and $8.8 billion in 2015. Already this year, Jibe has expanded its significant footprint within the recruiting space by more than doubling both its customer base and global headcount. The Company also built out its solution set, expanding on its best-in-class mobile and social recruiting tools with the launch of Recruiting Analytics™, recently awarded with the “Awesome New Technology for HR” distinction at the 16th Annual HR Technology Conference & Expo.

“Our mission is to help our high-growth and innovative clients grow,” said Michael McMahon, of Silicon Valley Bank in New York. “As Jibe continues to expand at a rapid pace, it needs the support of an experienced partner and flexible financing, and we’re pleased to play that role.”

Celebrating its 30th year in business in 2013, Silicon Valley Bank, the premier financial partner to technology, life science, cleantech, venture capital, private equity and premium wine businesses, provides commercial banking and financial services to help increase its clients’ probability of success.

About Jibe, Inc.

Launched in 2009, Jibe provides cloud-based recruiting technology solutions for talent acquisition teams to help them identify, attract and engage candidates. Adopted by many of the world's top companies – including Accenture, Macy’s and Walmart – the Jibe Recruiting Platform features an analytics engine at its core that pulls recruiting metrics from disparate back-end systems and turns them into insight to guide hiring decisions. The Jibe Platform simplifies job distribution, enables mobile recruiting and optimizes the referral process, significantly improving the candidate experience. Full integration with applicant tracking systems, combined with a SaaS delivery model, provides a seamless solution without disrupting processes or impacting IT resources. Jibe is headquartered in New York City and is backed by top investors, including Longworth Venture Partners, Polaris Partners, DFJ and Gotham Ventures. For more information, please visit www.jibe.com and follow us @JIBE.

About Silicon Valley Bank

Silicon Valley Bank (www.SVB.com) is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations.

Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.

(Source: Business Wire )
(Source: Quotemedia)

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