CPE News (4/29/2021) – Ceridian (NYSE: CDAY; TSX: CDAY) has entered into a definitive agreement to acquire OS5 Systems, Inc., dba Ideal, a Toronto based talent intelligence software provider.
The transaction is expected to close on April 30, 2021. Financial terms were not disclosed.
This acquisition is anticipated to optimize Ceridian’s talent management offering once Ideal’s capabilities are integrated into the Dayforce platform.
Founded by Somen Mondal and Shaun Ricci, Ideal is a talent intelligence system that enhances HR software to help teams make more accurate, efficient, and fair talent decisions. Leveraging proprietary artificial intelligence technology, Ideal analyzes data across the entire employee lifecycle. Ideal is able to accurately screen and match talent and automate administrative tasks—all while providing concrete, data-driven insights on diversity, equity, and inclusion.
In August 2017, Ideal raised $3 million in funding led by Mike Durland, Michael Hyatt and Richard Hyatt, alongside the MaRS Investment Accelerator Fund (MaRS IAF).
photo credit: Ideal
Ceridian To Acquire Ideal, a Market Leader in Talent Intelligence Software
New artificial intelligence capabilities will enable Dayforce customers to make more accurate, efficient, and fair talent decisions
Toronto, ON and Minneapolis, MN, April 29, 2021
Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced it has entered into a definitive agreement to acquire Ideal, a leading talent intelligence software provider based in Toronto, Ontario. This acquisition is anticipated to optimize Ceridian’s talent management offering once Ideal’s capabilities are integrated into the Dayforce platform. The acquisition is expected to close on April 30, 2021.
In today’s competitive global labor market, organizations are increasingly challenged to attract top talent while keeping pace with rapidly changing recruitment needs. Those that succeed will need to harness the power of modern technologies to reinvent their talent recruitment strategies.
“Together with Ideal, we stand to further our vision to make work life better by empowering our customers to make smarter, more efficient talent decisions and improve equity across their workforces,” said Joe Korngiebel, Chief Product and Technology Officer, Ceridian. “Today’s announcement reinforces that we continue to not just meet the needs of organizations today, but well into the future, and we are thrilled to welcome Ideal to the Ceridian family.”
Through the power of artificial intelligence-driven talent capabilities, Ideal’s talent intelligence products enhance recruiting processes, including screening, shortlisting, and matching top candidates. Dayforce customers will also have access to Ideal’s Diversity, Equity, and Inclusion (DEI) intelligence system, enabling employers to meet diversity head-on by ensuring that objectivity and inclusion happen up-front in the talent acquisition and management processes.
“At Ideal, we are passionate about providing our customers with powerful, actionable workforce insights to drive fair, accurate, and equitable decision making and help them achieve long-term organizational success,” said Somen Mondal, CEO and Co-founder, Ideal.
“We’re excited to take our innovation, fueled by artificial intelligence and machine learning, to a broader, global audience by joining forces with Ceridian, a recognized industry leader,” said Shaun Ricci, Chief Operating Officer and Co-founder, Ideal.
Lightning Partners served as the exclusive financial advisor to Ideal in the transaction.
Ceridian. Makes Work Life Better™.
Ceridian HCM Holding Inc. (“Ceridian” or the “Company”) (NYSE:CDAY) (TSX:CDAY) is a global human capital management software company. Dayforce, our flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. Our platform is used to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes. Visit Ceridian.com or follow us @Ceridian.
Ideal is a talent intelligence system that enhances HR software to help teams make more accurate, efficient, and fair talent decisions. Leveraging proprietary artificial intelligence technology, Ideal analyzes data across the entire employee lifecycle. Ideal is able to accurately screen and match talent and automate administrative tasks—all while providing concrete, data-driven insights on diversity, equity, and inclusion. For more information, please visit: Ideal.com.
Forward-Looking Statement and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding the acquisition discussed in the press release and our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to the future and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release should be read in conjunction with the risks detailed in the “Cautionary Note Regarding Forward-Looking Information,” “Forward-Looking Statement”, “Risk Factors” and other sections of Ceridian’s Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and other filings with the Securities and Exchange Commission.
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