Caldwell Posts Q1 Revenue Gain of 112 Percent

As the pandemic subsides, executive search firms continue to roar back. The latest to report is from Caldwell, which posted a 112 percent revenue gain in its fiscal Q1 results. Let’s go inside the latest numbers.

January 20, 2022 – Toronto-based Caldwell posted Q1 revenues of $38.4 million (Canadian), a 112 percent increase from a year ago. Financial results include those of IQTalent Partners (IQTP) beginning on the date of acquisition of December 31, 2020. “This was a record-breaking start to the year for Caldwell – consolidated revenue for the quarter was $38.4 million, representing a 112 percent increase over the prior year and the highest first quarter in our history,” said John Wallace, CEO. “Growth was driven both organically and through acquisition – our acquisition of IQTP contributed $11.7 million in revenue and Caldwell executive search’s $26.7 million represents a 47 percent increase year over year and a 48 percent increase over our pre-pandemic F’20 first quarter.”

“IQTP continues to see significant growth in demand for its services since pandemic lows,” Mr. Wallace said. “Their flexible on-demand pricing model and innovative use of AI technology is not only resonating with an ever-increasing client base, it is creating a new category in talent acquisition. We anticipate this growth trend will continue into upcoming periods.”

“Our ongoing success and performance speaks volumes to the creativity, innovation and execution excellence that the Caldwell and IQTP teams are delivering for our clients,” said Mr. Wallace. “There is no doubt that there’s an ongoing war for talent and the world continues to pivot towards remote work out of an increasing desire to achieve work/life balance and the ability to work from anywhere that technology provides. Given this continuing backdrop, our vision remains focused and clear – for our two segments to work in tandem to provide a seamless integration of talent acquisition solutions at all levels for our clients. And with our strong balance sheet, we will continue to review business and technology acquisition opportunities that align with client-driven talent offerings and our belief that talent transforms.”

Related: Heidrick & Struggles Posts Record Revenue Gain

New Addition

In December, Caldwell expanded its private equity and technology recruiting capabilities with the addition of Gordon Berridge as a partner in the private equity & venture capital and technology practices and based in the firm’s London office. Mr. Berridge joins Caldwell from N2Growth in London where, as a senior partner, he was a key figure in the build out of the European business for the firm.

“With a 12-year track record of successful executive search assignments for technology and software-focused executives across the U.K., Europe and North America, Gordon is an incredible addition to the Caldwell team,” said Jim Bethmann, managing partner of Caldwell’s technology practice. “He provides tailored talent solutions to clients in the growth and private equity space, focusing on hiring investors, operations executives, and portfolio leadership and board advisors in the technology and software sectors. His reputation for unparalleled dedication to his clients precedes him and will expand the reach of our practice and our ability to support our clients’ growth ambitions.”

Recent Acquisition

Caldwell recently acquired Applied Behavioral Academy (ABA), a behavioral and cognitive psychometrics consultancy that leverages highly respected, results-driven tools to assess talent and to align people and business strategies. Financial terms of the deal were not disclosed. Coincident with the acquisition, Caldwell expanded its alliance with The Predictive Index (PI), launching Caldwell Analytics as a PI Master Certified Training Center, delivering programs and workshops to train clients and other PI Certified Partners and their clients on all aspects of PI that initiate immediate transformation in their organizations.

“As Caldwell continues its transformational growth trajectory, the integration of the Applied Behavioral Academy team represents another important step forward for us,” said John Wallace, CEO of Caldwell. “Our focus and priority is to connect our clients with transformational talent, delivering long-term improvement to their enterprise, and increasing value to our shareholders. The added capabilities at both executive and enterprise levels that ABA brings to Caldwell will help our clients apply the same data-driven analytical rigor in their approach to talent acquisition and performance as they do in their financial and operational decisions.”

Related: Korn Ferry Posts 26 Percent Quarterly Revenue Gain

Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor  – Hunt Scanlon Media

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