SelectMinds is a provider of social media-based talent sourcing, alumni management and recruiting software applications delivered in a cloud environment. SelectMinds will be integrated with existing Oracle Cloud Recruiting, Performance Management and Human Capital Management applications.
Oracle noted that organizations are looking for new ways to control the cost of hiring qualified candidates for jobs and that by leveraging their employees' and alumni professional networks, employers are better able to find the best people for the jobs that they are trying to fill. SelectMinds applications are used by recruiters, hiring managers and employees to leverage social connections to fill job openings.
Oracle did not disclose terms of the acquisition but said it was expected to close before the end of the year. SelectMinds was founded in 2000 and is based in New York City. Its customers include eBay, McGraw-Hill, Qualcomm and Visa, among others.
"Together, Oracle and SelectMinds expect to create a comprehensive recruiting, candidate sourcing and talent management solution for organizations to reach quality referrals through social recruitment," said Thomas Kurian, executive vice president of Oracle Development, in a prepared statement.
SelectMinds products include the following: Social Employee Referral to automate and socialize employee referral programs; Social Job Distribution to circulate job openings on email, Facebook, LinkedIn, and Twitter; Social Career Site to promote viral job sharing on the Web; Facebook Job Page to create a branded, searchable job page on a company's Facebook page; Mobile applications to make job openings searchable on a mobile device; and CommunityConnect, which is an alumni and talent management tool.
The acquisition of SelectMinds is another bid by Oracle to extend its enterprise social media business. The company introduced on Sept. 10 a new social relationship management platform based on three recent acquisitions: Vitrue, which it acquired in May, is a creator of cloud-based social media marketing campaigns; Collective Intellect, which it acquired in June, is a cloud-based software product that helps companies understand and respond to consumers' conversations on social media platforms; and Involver, which it acquired in July created a social media software development platform.
Given the success of mass-marketed social media platforms such as Facebook, Twitter and LinkedIn, enterprises are developing their own social-media-like platforms for reaching out to their customers and partners. VMware acquired Socialcast in 2011, Salesforce.com has Chatter and acquired Buddy Media for $700 million and Microsoft acquired Yammer for $1.2 billion in June.