The human resources management platform targets big data to attain business value of job seekers
Cathay Capital recently announced it has completed an investment in human resources management platform Ifchange through the Cathay Innovation Fund. Ifchange is a leading big data SaaS (software as a service) recruitment platform in China, which is dedicated to driving efficiency and cost-effectiveness in the HR domain by connecting recruiters and job seekers through an intelligent mobile solution. The investment represents another venture into the big data area following Cathay’s previous investments in Trifacta and Quantifind, two digital companies that focus on data analysis and data wrangling.
Beginning a new recruitment era with big data
Founded in 2012, Ifchange aims to provide an efficient cloud tool for talent hunting services, creating an effective executive search and screening experience. Through online word searches, intelligent filters and the initial provision of information at no cost, Ifchange helps individuals to start their career plans, as well as HR professionals to improve communication process. The platform’s business model is based on its performance, and so far, it has had a very high satisfaction rate, particularly with SME companies. Currently, there are nearly 40,000 registered company users, including well-known firms such as Tencent, Alibaba, isoftstone and Sanofi.
Ifchange uses digital tools such as data mining and natural language processing techniques to improve the matching process of candidates with employers and jobs. After years’ of operation, Ifchange has developed into the largest job hunting search engine in China and has processed 100 million CVs to date. Last year, the company won industry recognition with the top prize at the 2015 Big Data Recruitment Service Selection.
At the end of April 2016, Ifchange will upgrade to a business intelligence and data-driven platform, integrating its recruitment SaaS and information exchange services. The advanced service will not only provide data for companies to choose and cultivate talent, but also for individual users make informed intelligent decisions about their future career prospects.
Injecting international resources for Ifchange’s innovative development
Cathay Innovation Fund was founded around the concept that supporting digital entrepreneurs with a platform bridging three continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy.
Mingpo Cai, Founder and President of Cathay Capital Private Equity, commented, “There is great market potential for big data services in the talent recruitment industry. Not only does Ifchange have huge potential and is a leader in the executive search sector, but there are also many ways that working with this company can enhance our value as an investor.” He continued, “By leveraging our rich experience and resources in related digital technology fields, we will work with Ifchange and our portfolio companies to expand the platform’s audience and global competitiveness, contributing to optimising its technology, products as well as the business model and clients.”
The founder of Ifchange, Youhong Zhou, said, “We are delighted that Cathay has entered this round of financing, and their experience and insights on big data and SaaS will be particularly helpful for Ifchange. From a long-term perspective, we expect our company will reach new heights in order to improve our intelligent recruitment platform even further with the help of Cathay’s rich resources.
Yan Han, a partner of Lightspeed China Partners, which has previously invested in Ifchange, commented, “Ifchange has an extremely talented team and I have been impressed by its growth from an offline HR service agency to an online digital company focusing on big data. I believe its online services will bring valuable solutions to the HR industry which is changing along with the evolution of the Internet.”
About Cathay Innovation
Cathay Innovation is a global venture capital fund, created in affiliation with Cathay Capital Private Equity. It was founded around the shared conviction that supporting digital entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy. As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs, committed to driving change through technology. Such transformation is accelerated by leveraging Cathay Capital Private Equity’s extensive network with corporates and solid experience in operational excellence. Cathay Innovation has offices in San Francisco, Paris, Beijing and Shanghai.
About Cathay Capital PE
Cathay Capital Private Equity, founded in 2006 by Mingpo Cai and Edouard Moinet, is an leading international private equity firm in the field of cross-border investment, committed to supporting the international expansion of SMEs from China, Europe and the United States. As a fund made by entrepreneurs for entrepreneurs, Cathay Capital’s team of 45 – including 11 partners – is based in Shanghai, Beijing, Paris, Munich, New York and the Silicon Valley, and leverage on Cathay’s unique business model and platform to help create value for companies across three continents. Cathay Capital is in charge of seven funds including the Cathay Capital I, the Cathay Capital II, the Cathay Capital III, and the Sino-French Fund for SMEs, the Sino French (Midcap) Fund, the Sino French Innovation as well as the Cathay Capital North American Sino Fund. With more than USD 1.5 billion in assets under management, it has invested in 50 companies across three continents. Cathay Capital focuses on industries including consumer goods, health care, modern service industry, environment, agriculture and food security, as well as advanced technology.