I’m happy to report that, after two years of successful partnership, I have sold Teten Executive Recruiting to Accolo. I’ll be continuing in my current role running Nitron Advisors, which is a separate company. Here’s the press release:
For Immediate Release
June 21, 2006
Accolo acquires Teten Executive Recruiting; combined firm is innovator in using social software and online networks for recruiting.
Larkspur, CA – June 22, 2006 – Accolo, Inc. today announced the acquisition of Teten Executive Recruiting, a retained executive search firm that specializes in using online networks to reach and recruit the most qualified candidates. The firm focuses on the hedge fund, private equity, and strategy consulting industries. Founder and author David Teten joins Accolo’s Advisory Board.
David Teten said, "I first discovered Accolo ( www.Accolo.com) in my research for my book about social software and online networks, became a client, and then created a partnership with them. When I learned how they had re-engineered the recruiting process to incorporate the power of online networks, I thought: this is the way recruiting should be. I think that the traditional recruiting model is broken and painfully inefficient, and I am excited to have the privilege of working with a team that understands the logical way that companies should manage the process of finding great people."
In this cash and stock deal, Accolo gains access to Teten Executive Recruiting ( www.TetenCo.com) clients such as American Real Estate Partners, Net2Phone, OfficeTiger, The Trium Group, Zacks Investment Research, and IDT Entertainment. Teten Executive Recruiting is known as a thought leader in using blogs, listservs, online communities, social network software, relationship capital management software, and biography analysis software for recruiting. Accolo has acquired the proprietary tools that Teten Executive Recruiting has developed.
John Younger, CEO of Accolo, commented, "We were excited about Teten Executive Recruiting’s list of lighthouse clients and its deep expertise in social software and online networks. This acquisition is the logical culmination of a mutually beneficial relationship. The company is providing us with new strategies to continue raising the bar, as well as new clients to take advantage of our growing senior executive search capabilities. Just in the past year, we have recruited CIOs, CEOs, CFOs, and Vice Presidents for companies with revenues of $5 million to $1.5 billion."
Jon Weber, President of American Real Estate Partners (NYSE: ACP), commented, "Finding top talent quickly and efficiently is a high priority for us. We’ve been pleased with the way Teten Executive Recruiting and Accolo combine their talents to save us time and money to hire the best people. Their solution has worked well for several of our companies”
Martin Babinec, CEO of TriNet ( www.TriNet.com ), emphasized, “TriNet’s long association with Accolo has been borne out of a deep faith and confidence in the company’s innovative approach to sourcing and recruiting. The fact that Accolo’s team continues to seek out partners that will expand and deepen its already impressive service delivery is proof that the company won’t rest on its laurels. TriNet is enthusiastic about Accolo’s latest milestone and looks forward to its future successes.”
David Teten, founder of Teten Executive Recruiting, is coauthor of the first business book on these strategies and technologies, The Virtual Handshake: Opening Doors and Closing Deals Online. He runs a business resource guide and blog about social software and online networks at www.TheVirtualHandshake.com . David also co-writes a monthly column about online networks for www.FastCompany.com, and was recently honored as a "Future HR Leader" by Human Capital magazine for his innovative use of online networks. David is a member of the Advisory Board of the Word of Mouth Marketing Association (www.Womma.org), which is also an Accolo client.
David Teten will continue in his current role as CEO of Nitron Advisors, LLC. Nitron Advisors provides hedge funds, venture capitalists, other institutional investors, and law firms with direct insight from a broad network of senior industry experts.
Accolo has built proprietary, patented software and processes that automate roughly 80% of the recruiting process. Accolo leverages this toolkit to provide Recruitment Process Outsourcing services, becoming part of a company’s internal recruitment function. Accolo’s unique application of the “art” of recruiting within a highly automated framework, along with a network of over 300,000 past and present candidates, delivers quantifiable improvements in recruiting quality, efficiency and cost. Our clients meet the top performer they will hire in an average of 13 days. The average company spends 15.9% of an employee’s salary on recruiting; Accolo clients spend less than 9%.
Accolo is profitable and revenues more than doubled last year. The company is the HRO World 2005 Recruitment Process Outsourcer of the Year and a founding member of the Recruitment Process Outsourcing Association (www.RPOAssociation.org). The Company was founded in 2000 and its investors include Vedior (Amsterdam: VDR, www.Vedior.com ) and TriNet ( www.TriNet.com ). Accolo works with such leading customers as JDS Uniphase, Blue Shield of California, Starmine, CMP United Business Media, ValueClick, Verity, and PRNewsWire. For more information, visit www.Accolo.com.
dhassett at accolo.com
press at teten.com