Evolv, the leading provider of data-driven workforce selection, today announced the company achieved 500% year-over-year revenue growth in 2011. The company also announced it has doubled its workforce, opened two new offices and signed two of the top five global Business Process Outsourcers (BPOs) as new customers in the past year.
“Evolv’s growth skyrocketed in 2011 as some of the world’s largest employers adopted our cloud-based, analytics-driven recruiting solution to drive massive improvements in profitability and employee satisfaction,” said Max Simkoff, CEO of Evolv. “Evolv’s use of predictive analytics is revolutionizing the hiring process, helping customers collectively save tens of millions of dollars a year through productivity and retention gains. We see 2012 as the tipping point for Evolv, and we anticipate continued rapid growth as we expand engagements with our current customers while bringing new employers onto the platform.”
Evolv’s solution helps companies with high-turnover “hourly” workforces, such as call centers, make data-driven hiring decisions. The platform analyzes an ongoing stream of customer HR data to predict successful employees, and weed out weak candidates. The solution has been successful in driving across-the-board reductions of 20-30% in employee attrition, while improving customer operating margins and hourly employee productivity by 20% and 5-10%, respectively.
A Year of Explosive Growth
In 2011, Evolv doubled both its customer base and its staff. Annual bookings and revenue also increased substantially as the company closed major contracts with several new clients, including two of the top 5 global BPOs. The company also saw significant increases in purchases from existing clients. In addition, Evolv expanded beyond its San Francisco headquarters, adding two U.S. offices – in Austin, Texas and Mountain View, California – to house professional services and engineering teams.
Evolv obtained significant funding and board support in 2011, as well. The company closed a $15 million series C round of financing, led by new investor GGV Capital and supported by existing investors, Khosla Ventures and Lightspeed Venture Partners. The company has now raised a total of $27.5 million in capital. In addition, Google’s SVP of People Operations, Laszlo Bock, joined Evolv’s Board of Directors.
Many companies see labor as their largest single expense, yet few have a controlled and measurable process in place for hiring the right people. Evolv’s solution utilizes large volumes of existing employee data to better match employers with candidates who have the aptitude and attitude to succeed on the job. Employers gain visibility into the process, enabling them to quickly see the platform’s impact on quality of hire, while gaining insight into what’s working, and what’s not, in their overall hiring and training process.
About Evolv
Evolv is the leader in Data-Driven Workforce Selection, enabling employers to improve productivity, retention, and customer satisfaction. It is the only solution that ties employee productivity data to hiring decisions, and uses this to improve the entire recruiting process. With the insight gained from on the job employee data used to calibrate workforce selection, companies can measurably improve their operations, brands and bottom lines. The solution easily adapts to changing business environments or product direction. When replacing existing screening solutions with Evolv, clients report increased employee productivity of 5-10% while improving retention by 20-30%. Evolv delivers data-driven certainty with a streamlined process that easily integrates with existing workforce management and HRIS solutions. Visit www.evolvondemand.com or call (866) 971-4473 and follow Evolv on Twitter @evolvondemand.
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