May 20, 2021 – 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 www.otcmarkets.com. 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 John Wallace, chief executive officer of Caldwell. “The United States has been an important market for us and the primary source of our growth since we entered it in 2009.Through the first half of F’21, 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.”
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Recent Revenue Numbers
In April, Caldwell posted fiscal 2021 second quarter revenues of $24.1 million (Canadian), a 39 percent increase from the same period a year ago. Financial results include those of IQTalent Partners, Inc. (IQTP) beginning on the date of acquisition of December 31, 2020. “In our year-end review we talked about our work to transform Caldwell into a high growth technology-powered talent acquisition firm,” said John Wallace, CEO. “We have made great strides towards that goal since our acquisition of IQTP, as evidenced by the strong revenue growth we are seeing in all aspects of our business.”
Caldwell recently signed an agreement to acquire IQTalent Partners. “For 50 years, Caldwell has been connecting clients with transformational talent. With this merger, we are setting our sights on transforming the world of talent,” said Mr. Wallace at the time of the purchase. “IQTalent Partners’ unique service model and innovative use of technology, paired with Caldwell’s expertise, network and resources will allow us to serve our clients in a more integrated fashion and allow us to have a greater impact on their long-term success, which remains our primary mandate.”
Creating a Formidable, Tech-Driven Search Firm
Two years ago, when Caldwell and IQTalent Partners first started working together, it was nothing particularly out of the ordinary. Toronto-based Caldwell was looking for research support when one of the firm’s partners recommended the technology-driven talent acquisition solutions firm in Nashville, TN. So it was that Caldwell enlisted IQTalent Partners to help augment its Caldwell Advance business, which focuses on emerging leaders, and for strategic assistance with some of its executive search teams. “We had a great experience,” remembers Chris Beck, Caldwell’s president. “The quality of work and responsiveness was fantastic. Six months after that introduction we started talking with founders Chris Murdock and Tom Milic, and then David Windley, the president, and one thing led to another.”
Caldwell had been looking to expand and diversify and saw in IQTalent Partners the potential to broaden its services for clients, particularly when it came to technological advancements for search. As fate would have it, IQTalent Partners had been rapidly growing and was looking for investment. “That’s initially when Chris Beck was introduced to me,” says Mr. Windley, a former head of human resources at Yahoo! “And, so, we started a discussion from that perspective. But then as we were working together and seeing the synergies, it made more and more sense to ultimately just merge.”
“Our merger with IQTP represents a transformational event for the firm as we evolve into a technology-focused recruitment model for the benefit of our clients,” Mr. Wallace said. “Our vision for our two organizations, working together, is for IQTP to be a constant presence at our clients, providing recurring talent acquisition support, while Caldwell will continue to be engaged for higher-level retained executive searches not in the purview of the in-house teams. Together, we provide a seamless integration of talent acquisition solutions at all levels for our clients.”
Senior Leadership Changes
Caldwell also announced changes to its senior leadership team as the firm expands operations after its acquisition of IQTP. Mr. Wallace has relinquished the role of president of Caldwell, and the board has appointed Chris Beck in his place. Mr. Wallace will continue in his role as CEO and Mr. Beck will continue in his role as CFO. In his expanded position, Mr. Beck will be responsible for all financial and investor relations functions of the enterprise and will provide day-to-day leadership and management of the executive search business. He will focus on the firm’s growth strategies and he continue to lead Caldwell’s diversity, equity and inclusion initiatives.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media