Caldwell Reports Extraordinary Year-End Results

As the pandemic subsides, executive search firms are roaring back. The latest to report is Caldwell, which posted a 271 percent revenue gain in its fiscal Q4 results. Let’s go inside the numbers.

November 17, 2021 – Toronto-based Caldwell posted Q4 revenues of $41.7 million (Canadian), a 271 percent increase from a year ago. Full year revenues rose by 106 percent, from $56.7 last year to $119.5 million. Financial results include those of IQTalent Partners (IQTP) beginning on the date of acquisition of December 31, 2020. “Fiscal 2021 was a year of enormous and transformational growth for Caldwell,” said John Wallace, chief executive officer. “It was busy, unpredictable, and set against an unprecedented backdrop, yet we had one of the most extraordinary years in our firm’s history, growing the size of our team, expanding our products and services, and breaking all-time records for a number of key metrics.”

“After a challenging second half of fiscal 2020, our executive search team came roaring back, setting new records for revenue, search volume, and searches per recruiter,” Mr. Wallace said. Strategic additions to the partner and principal team expanded our global footprint significantly and added depth and breadth to our capabilities across functions, practices and geographies.”

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Related: Heidrick & Struggles Posts Record Revenue Gain

“Our December acquisition of IQTalent Partners accelerated our growth, advancing us into a new market for augmenting internal talent teams on an hourly business model,” says Mr. Wallace. “The IQTP team’s year was also one best summed up by amplified growth, closing out the fiscal year close to triple their prior year preacquisition performance. More than a phenomenal investment, IQTP is a fantastic cultural fit, and a real expansion of our collective value proposition. With strong demand from clients and a robust pipeline, we closed out the fiscal year in a powerful position,” he said. “We are excited for the fiscal year ahead and while we expect some easing in our clients’ surge of post-pandemic hiring activity, we anticipate strong growth at IQTP and continued growth in the aggregate. Supported by our solid balance sheet, we do continue to seek out additional portfolio investments that will add to the breadth and depth of the products and services that we can bring to our clients.”

Trading on the OTCQX Best Market

OTC Markets Group, operator of financial markets for 11,000 U.S. and global securities, announced yesterday that Caldwell has qualified to trade on the OTCQX Best Market. Caldwell now trades on OTCQX under the symbol CWLPF. U.S. investors can find current financial disclosure and real-time quotes for the company on Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

“Upgrading to the OTCQX market is an important step for our firm, our employees and our shareholders,” said Mr. Wallace. The American market has been an important revenue generator for Caldwell and a primary source of growth since the firm entered it in 2009. Through the first half of fiscal year 2021, more than 80 percent of the firm’s total revenues were generated in the U.S. “As we continue to transform into a high growth, technology-powered talent acquisition firm, we expect that a growing number of U.S. shareholders will be interested in Caldwell as an investment opportunity, so facilitating easier trading for them has been an important goal for us.”

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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