Caldwell Posts 12.8 Percent Revenue Gain
July 15, 2024 – Toronto-based Caldwell posted Q3 revenues of $29.5 million (Canadian), a 12.8 percent gain from the same period a year ago. “Our team delivered significant revenue growth in the third quarter,” said John Wallace, chief executive officer. “Caldwell saw an 77 percent increase in professional fees over our second quarter, which we are attributing to two factors. First, a general strengthening of executive confidence in the economy has many companies starting to implement suppressed growth plans. Second, we’re seeing a loosening up of the pent-up demand that grew over the last 18 months from a wait and see approach towards the trajectory of the economy and financial markets. With much of this pent-up demand having moved through our execution cycle, we anticipate revenue in the fourth quarter will ease from the third quarter, while still above our first two quarters’ performances.”
“The increased demand and resulting growth we experienced at the executive level has not yet filtered down to IQTalent, where revenue remained stable sequentially from quarter to quarter, while our operating results showed continuing improvement,” Mr. Wallace said. “Historically, our IQTalent clients were generally VC-backed firms in the technology sector, where we continue to see reduced hiring demand. IQTalent’s model is one of on-demand support to augment in-house teams, and most clients are hiring modestly enough to fully manage their talent acquisition needs without external support.”
“Overall, we are confident that a general baseline of recovery has begun – our business is cyclical, and it is now trending up,” said Mr. Wallace. “New partner recruitment continues, which will prepare us for sustainable growth in the executive search market. We have announced three partner hires since the second quarter and expect to expand the partner team through the remainder of the calendar year, to include functional and industry areas where we require additional coverage.”
Recent Additions
Caldwell recently added Brooke Price as a partner in the firm’s human resource officers practice. “Brooke has an incredible 15-year track record of success, placing influential people, talent, compensation, benefits, and culture leaders who have strategically transformed companies of all sizes, both public and private,” said Chris Beck, president. “She will be a key player as we build out our human resources practice, and we are fortunate to have a specialist of her caliber joining the Caldwell team.”
Related: Caldwell Opens Offices in Annapolis and Tysons Corner
Ms. Price joins Caldwell from HR Search Experts, where she spent a decade recruiting people, talent and culture leaders for venture and PE-backed startups. Her particular expertise is placing people, talent, and culture leaders who strategically transform companies of all sizes, fulfilling growth potential while preserving company culture. She began her search career recruiting in the investment banking and hedge fund sectors, drawing on her operators experience working for Fortune 500 finance & investment banking companies like JP Morgan, Lehman Brothers, and Barclays as an investment professional.
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Caldwell also added Rajiv Lulla as a partner in the firm’s data, digital & technology leaders practice. “We are delighted to welcome Rajiv to our global technology team,” said Jim Bethmann, managing partner of Caldwell’s technology practice. “His impressive and distinguished career – as an executive in the digital media industry, as a consultant overseeing digital transformation, big-data analytics, and cognitive computing, and finally recruiting transformational executives into private equity and venture-backed agile tech organizations – will be an invaluable addition to our practice.”
Mr. Lulla joins Caldwell from Egon Zehnder, where he led their global systems and engineering practices. In his prior role, he was lead account partner at IBM’s global business services, where he oversaw digital transformation, big-data analytics, and cognitive computing. Previously, Mr. Lulla founded and led Sanskrt Ventures; was CEO of NDTV, India’s leading cable-news network; and was a senior vice president at the Nexstar Media Group. He began his career in digital media at ViacomCBS (now Paramount).
Related: Caldwell Acquires The Counsel Network
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
