Posted on March 25, 2011 by Staff | Download a PDF of this press release
Company to use proceeds to fuel growth in Sales, Marketing and Product Development and announces appointment of Dave Gould as its chairman.
ATLANTA — (March 25, 2011) —Toomah, LLC, the company that optimizes the source-to-hire process for customer-facing organizations, announced today that it has closed Series A funding led by Atlanta venture firm TechOperators, LLC and Dave Gould, the former chief executive officer of Witness Systems. Atlanta Technology Angels also participated in this round. The company plans to use the funds to continue its impressive market growth and further invest in customer success. This funding round was led by TechOperators, an Atlanta venture firm formed by successful technology entrepreneurs and executives with the mission of applying capital and their practical experiences to help entrepreneurs build great technology companies. Its partners have an impressive track record of building world-class technology companies throughout their entire lifecycle from start-up to exit.
"This funding is a tremendous vote of confidence in our vision and strategy," stated Joe Gruca, Toomah’s Chief Executive Officer. "In addition to their capital injection, TechOperators and its extensive network of advisors provide substantial domain expertise which will help us ensure we achieve our goals. These funds will accelerate our sales and marketing plans and enable us to invest in product development to build out our suite of hiring and talent optimization applications."
Toomah, winner of the prestigious 2010 Georgia Research Alliance/Technology Association of Georgia (GRA/TAG) business launch competition, has a growing stable of blue-chip customers, including JetBlue Airways, Arise Virtual Solutions, and Stream International, Inc., who use Toomah to reduce employee recruiting costs and improve the quality of new hires. Companies with high-volume hiring needs, such as call center operations, retail, hospitality and leisure services can benefit from Toomah’s suite of hiring optimization tools. Provided on a Software-as-a-Service (SaaS) basis, Toomah’s solutions can be rapidly deployed, allowing customers to see immediate benefit.
"The combination of tools that improve performance management and Toomah’s ability to dramatically improve the hiring process enable organizations to optimize their workforce, providing the highest levels of customer service. Toomah provides a unique value proposition to those customers experiencing significant employee turnover or have high-volume hiring needs, such as call centers,” commented Dave Gould, Operating Partner of TechOperators, who also joins Toomah as its Chairman of the Board. “We are excited at the growth and innovation potential of Toomah and are confident that this capital will help the company establish real leadership in this large market opportunity."
Concurrent with closing of this round of funding, the company is changing its name to "HireIQ Solutions" to more closely align itself with its vision of helping companies improve their recruiting, hiring and talent performance. "Rebranding the company as HireIQ Solutions will help customers, prospects and partners more closely associate the company with its place in the talent performance optimization market," added . Gruca. "We will continue to expand our solution set under the HireIQ brand to further improve the recruiting and retention of employees in the markets we serve."
For a complete listing of Toomah news, please visit http://www.toomah.com/press.
Toomah, LLC helps customer service organizations improve hiring decisions, reduce recruiting costs and increase talent performance using its proven predictive performance technology. Employees hired using Toomah’s suite of talent performance optimization products demonstrate increased speed to competency, reduced attrition and improved sales and service performance. Toomah is a privately held company based in Atlanta, GA. For further information, please visit www.toomah.com. Follow Toomah on Twitter at www.twitter.com/toomah.
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