Technical recruitment platform Karat snaps up Triplebyte to add AI-based quizzes for engineers
By Editor - Thu Mar 16, 10:10 am
The technology industry continues to rack up an ever-longer list of layoffs — which now stand at nearly 139,000 according to Layoffs.fyi — but taking the wider job market, the overall pace of recruiting engineers and other technical talent has not let up. Now, one of the bigger players in the area of technical recruitment is making an acquisition in a consolidation play to better tackle the opportunity. Karat , a technical recruitment platform that was last valued (in 2021) at over $1 billion, is acquiring Triplebyte , a smaller, but very well-connected, player in the same space that built and ran adaptable technical skills quizzes for engineers, and then helped get them on the radar for jobs that matched their skills. Financial terms of the deal are not being disclosed, but from what we understand, Triplebyte appears to have gotten to the end of its funding runway, a story that is not uncommon in the current market. The deal includes Triplebyte’s core assessment products and content library but its “Magnet” talent network will be wound down at the end of this month. (Any underlying data that gets used for analytics will get anonymized, Karat said.) Triplebyte — founded by Harj Taggar, Guillaume Luccisano and Ammon Bartram (who is the current CEO) — raised just under $50 million. It never disclosed its valuation, but in 2019, when the company raised $35 million , Taggar (who was still with the company and CEO) told me it was “hundred million multiples towards being a unicorn.” Pitchbook puts it at a more modest-sounding $135 million.
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Technical recruitment platform Karat snaps up Triplebyte to add AI-based quizzes for engineers