Bullhorn Raises $26 Million to Extend Its Leadership in On Demand Staffing and Recruiting Software

Business Wire, June 11, 2008

Highland Capital Partners and General Catalyst Partners Co- Lead Financing Round; Funds to Fuel Regional Expansion, Accelerate Product Development and Increase Professional Services Capabilities

BOSTON -- Bullhorn, the global leader in On Demand staffing and recruiting software, today announced the completion of $26 million in new financing, led by prominent venture capital firms Highland Capital Partners and General Catalyst Partners. The funding will allow Bullhorn, which is profitable, to fuel regional market expansion, accelerate its product development plans and increase professional services and support to meet rapidly growing customer demand. Bob Davis, a General Partner at Highland Capital Partners and former CEO and founder of Lycos, and John Simon, a Managing Director at General Catalyst Partners, will join the board of directors.

"Bullhorn achieved rapid and profitable growth, the largest market share in North America, and a strong international presence in more than twenty countries, by delivering award-winning and innovative staffing and recruiting software, combined with superior, On Demand service delivery," said Arthur Papas, CEO and co-founder of Bullhorn. "This financing provides Bullhorn with the opportunity to achieve global market leadership based on our mission of powering the desks of staffing and recruiting professionals worldwide, while working with two world-class venture capital firms - Highland Capital Partners and General Catalyst."

Bullhorn will significantly increase regional expansion in North America, further develop international markets, accelerate product development of innovative sourcing solutions and foster several global industry alliances.

"Staffing and recruiting is a $300 billion plus global industry, ranging from innovative emerging firms to multi-billion dollar multinational enterprises, which require mission-critical enterprise software to achieve competitive advantage," said Bob Davis, General Partner at Highland Capital Partners. "Bullhorn's Software-as-a-Service business model is a disruptive force in this well-established marketplace, and its On Demand, integrated front office solution is already providing customers with a long term strategic advantage to drive growth and profitability."

Bullhorn achieved a 400% revenue growth rate during the past three year period, and is ranked as the fastest-growing staffing and recruiting software company by Inc. Magazine. The company is also the 105th fastest growing technology firm in North America, and the 40th fastest growing software company on the Deloitte Technology Fast 500. Bullhorn also ranked tenth on the Deloitte New England Technology Fast 50.

"Bullhorn is the market leader, delivering the staffing and recruiting industry's first On Demand, integrated front office solution to more than 1,000 customers and 13,000 users worldwide. Our investment will fund the ongoing product innovation that gives Bullhorn customers a competitive advantage in the war for talent," said John Simon, Managing Director at General Catalyst Partners. "As a leading Software-as-a-Service provider, with a total focus on innovation, partnership with customers and unparalleled service delivery, Bullhorn is now in a position to extend its leadership globally."

Bullhorn is the staffing and recruiting industry's only On Demand, integrated front office solution. Comprising email, calendaring, sourcing, an applicant tracking solution, customer relationship management and job management, Bullhorn enables users to communicate and collaborate with contacts, candidates, colleagues and clients in real-time to generate, source and fill job orders, or make placements, at anytime and from anyplace. Bullhorn's users include staffing and recruiting firms of all sizes, from a wide range of industries - including information technology, professional services, office/clerical and healthcare. The Bullhorn Blogger is the company's online community where customers, partners, Bullhorn professionals and prospective customers share ideas and best practices to advance the productivity of the staffing and recruiting industry through the innovative use of Bullhorn's On Demand, integrated front office staffing and recruiting software.

About Bullhorn, Inc.

Bullhorn is the global leader in On Demand, front office staffing and recruiting software, providing the only completely integrated front office solution for staffing and recruiting firms. Bullhorn enables its customers to synchronize sales and recruiting to generate, source and fill job orders in real-time, at anytime and from anyplace, at the highest rates in the industry. Delivered through software as a service, Bullhorn continually meets the evolving business needs of its customers. More than 1,000 firms and 13,000 users worldwide, including some of the largest global staffing firms, partner with Bullhorn to meet the employment demands of the global economy. For more information, visit www.bullhorn.com or call 1(888)GoLive8.