Disclosure
iCIMS reached $160M ARR without putting primary capital on its balance sheet
“We have an investor. The investor was all secondary. It was all liquidity. So their money did not go into the business. So we'd like to think of it as a entirely bootstrapped company.”
Insight
Recruiting is too critical to a business to run through an ERP
“Our premise is that is too important to screw up, to put through an ERP. I mean, that is your front of the funnel. You can't hire people, you hire bad people, you're screwing with your business.”
Assertion Not checkable as stated
iCIMS exited 2017 with over $160M in annual recurring revenue
“We exited 20 17 over a hundred sixty million ARR. So the annual recurring run rate was over a hundred sixty million at the exit of 2017.”
Opinion
Colin Day: iCIMS has the metrics to IPO but doesn't need to
“We constantly look at IPO. I think we have all of the metrics, the scale, the growth, the profitability to take a look at that. But the reality is believe it or not, to sort of hit our goals, we're not sure we need to go down that route right now.”
Insight
Colin Day: Companies IPO for capital, CEO vanity, or brand exposure
“The best I can come up with is that there's three reasons to IPO, which is you know, need for capital, and you think it's better in the public market than the private market. We don't have that dynamic right now. And then I've been told that the second one is …”
Assertion Not checkable as stated
Talent software is a $7.5B market, but recruitment advertising is $15B
“So our market, if you kind of add up all the software, it's about a 7.5 billion dollar market, but tangential to is a fifteen billion dollar recruitment advertising market.”
Disclosure
iCIMS is partnering with Google for Jobs to expand into recruitment advertising
“We're working with them heavily. We're building products sort of around them. And I think it's a chance for us to go sort of further up the funnel. So rather than thinking about broadening out downstream into HR, et cetera, we're much more excited about actual…”
Opinion
Colin Day views a two-year CAC payback period as healthy SaaS economics
“I think a two-year payback is, is typically pretty good, and that's a comfortable economic we're looking for.”
Opinion
Colin Day considers 110% net revenue retention the SaaS industry's gold standard
“I think the gold standard of the industry is, is one 10.”
Assertion Supported
iCIMS is the second largest standalone talent software provider behind Oracle
“We're the largest standalone provider. We're actually number two to Oracle, who bought a company called Taleo”
Insight
Dedicated recruiting software becomes critical after a company reaches 100 employees
“We tend to see recruiting become really, really important, probably after you hit a hundred employees. We have seen some below a hundred employees, but I think after a hundred employees, you start getting to scale, depending on your growth rates, you're really…”
Assertion Not checkable as stated
iCIMS generates more than $8.7M in monthly recurring revenue
“So we're north of that.”
Assertion Not checkable as stated
iCIMS serves 3,500 customers, closing in on Oracle Taleo's 5,000-plus
“We're about 3500 customers. I would guess that they're probably north of 5000 customers, but we are growing rapidly.”
Assertion Supported
iCIMS has secured enterprise customers like Microsoft, Amazon, and Intuit
“We've been signing some very large companies, you know, the Microsofts, the Amazons, the Intuits, et cetera.”
Assertion Not checkable as stated
iCIMS doubled its average monthly customer spend to $5,000 in two years
“Yeah, we have probably gone from two years ago that the average company paying us 2000 a month to, I would guess, and again, I'm spitballing a little bit here, but I would say in that sort of 5000 a month, four to 5000 a month now.”
Disclosure
iCIMS is focused on scaling from $200M to $500M in ARR
“We're dead set on trying to figure out, you know, how to move from a kind of two hundred million dollar business to a five hundred million dollar business.”
Prediction Held up
iCIMS is targeting over $200M in annual recurring revenue exiting 2018
“Ah, you're in the ballpark. We're looking to certainly go over too.”
Assertion Supported
iCIMS serves slightly over 3,500 enterprise customers
“So we're a little north of about 3500 companies.”
Assertion Not checkable as stated
Day: iCIMS pricing ranges from $500 to six figures monthly
“It can start as low as, you know, call it 500 a month, and it can go up to six figures a month.”
Assertion Not checkable as stated
iCIMS funded its first two years with $2.5M in debt
“It was sort of bridged as needed. I would call up and get the cash, and it was to the tune overall, over about two years, about two and a half million dollars.”
Disclosure
iCIMS funding from Susquehanna Growth Equity was entirely secondary liquidity
“We have since brought in a private equity, a growth equity partner called Susquehanna. But all of that was secondary. It was liquidity.”
Assertion Not checkable as stated
iCIMS typically breaks even on customer acquisition by year two
“We have taking the return of the CAC plus the CLTV, we typically break even on a deal in year two.”
Assertion Not checkable as stated
iCIMS's average contract size is around $30,000 per year
“When you average it all out, I would say that right now it's probably about 30,000 a year.”
Disclosure
iCIMS operates strictly as a pure SaaS talent acquisition platform
“We are a pure SaaS provider and we focus just on the talent acquisition industry, so really end-to-end recruiting from your advertising needs, marketing to passive candidates obviously the applicant tracking the recruiting process straight through to onboardin…”
