 "US-based AI company Phenom acquires talent mobility platform EDGE")
Phenom, the US-based artificial intelligence (AI) company specialising in human resources (HR), said it has acquired EDGE, a Bengaluru-based resource management and talent mobility platform. The acquisition strengthens Phenom’s workforce intelligence solutions for the professional services industry and global capability centres (GCCs). The companies did not disclose the value of the transaction.
This sixth acquisition and addition to the 'intelligent talent experience' platform portfolio marks a significant step in Phenom’s purpose of helping a billion people find the right work. It also demonstrates the company’s expansion in the Indian market, with its rapidly growing enterprise sector and rising demand for technology adoption in HR functions.
Phenom aims to double its workforce within the next two years across its existing offices in Hyderabad, Vizag, and Bengaluru. It also plans to add more locations across the country.
“In the face of rapidly developing AI innovations, organisations must level up their workforces to remain competitive,” said Mahe Bayireddi, chief executive officer and co-founder of Phenom. “Intelligence and automation empower HR teams to provide phenomenal experiences at scale, and the EDGE acquisition adds tremendous value to better serve professional services companies and global capability centres.”
The EDGE acquisition adds advanced resource planning capabilities to the Phenom platform, market-tested by some of the world’s leading professional services organisations and GCCs. This further strengthens Phenom’s ability to deliver solutions suited to different industries’ talent needs, helping companies execute strategic workforce planning at scale.
EDGE has enabled highly contextual recommendations for the GCC market. It has helped companies achieve a 16-day reduction in internal fulfilment cycle time and a 21 per cent increase in the number of demands fulfilled internally. The firm said it has also enabled a 36 per cent increase in supply visibility and a 28-fold increase in the number of contractors replaced by existing staff.
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“Phenom has been on our radar for several years due to their focus on AI and talent intelligence for a variety of HR applications across different industries,” said Sharath Hari, vice-president at the Everest Group analyst firm. “This acquisition is a logical next step to support their verticalisation strategy.”
With Phenom, the company said candidates find and choose the right job faster, employees develop their skills and evolve, talent leaders optimise hiring processes, and managers build stronger-performing teams.