Main Capital acquires Textkernel

Textkernel's CEO, Gerard Mulder, and COO Guus Meijer will remain in their management roles and have invested alongside Main Capital.

Textkernel and CareerBuilder will maintain a strategic partnership following the transaction, according to a statement, meaning CareerBuilder will continue to offer Textkernel's services to its clients.

Chicago-headquartered CareerBuilder is a portfolio company of Apollo and Ontario Teachers' Pension Plan Board. According to Unquote sister publication Mergermarket, the sponsors mandated PJT Partners in September 2019 to explore a piecemeal sale of CareerBuilder. The GPs acquired the business in 2017. CareerBuilder had acquired Textkernel in 2015. 

Main Capital plans to support a buy-and-build strategy for Textkernel, but will also support its organic growth and the development of its technology platform, according to a statement.

Main Capital made an all-equity investment via Main Capital VI, which held a final close in May 2020 on €564m, exceeding its €550m target. The vehicle generally writes equity cheques of €3-5m.

Textkernel is the sixth deal from the fund and follows the announcement of Main Capital's investment in Germany-based government digitalisation software Mach in September 2020, as reported. Main Capital intends to make five to eight further platform investments via its sixth fund. The vehicle was 20% deployed following the acquisiton of Mach.

The GP has previously invested in HR and recruitment software; in September 2019, it acquired Sweden-based Assessio, which focuses on the incorporation of psychological testing in recruitment processes and software.

Company
Founded in 2001, Textkernel is an AI-based recruitment software platform that connects companies and job candidates. The company serves 1,000 businesses, according to a statement, including recruitment agencies, corporates and HR software vendors. Its software is incorporated into platforms including SAP SuccessFactors and Oracle Cloud Recruiting.

The business reported revenues of €20m in 2019. Textkernel is based in Amsterdam and has 154 employees, with offices in the Netherlands, France, Germany, the UK and the US.

People
CareerBuilder – Irina Novoselsky (CEO).
Textkernel – Gerard Mulder (CEO); Guus Meijer (chief operating officer).
Main Capital – Charly Zwemstra (managing partner); Pieter van Bodegraven (partner).

Advisers
Equity – Loyens & Loeff (legal).
Vendor – PJT Partners (corporate finance); Citizens Capital Markets (corporate finance); Sidley Austin (legal).

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