Professional Diversity Network, Inc. (NASDAQ: IPDN) (“PDN” or the
“Company”), a developer and operator of online and in-person
networks that provide access to networking, training, educational
and employment opportunities for diverse individuals, announced the
acquisition of additional 7% in RemoteMore USA Inc. (“RemoteMore”)
on April 28, 2023. After the transaction, PDN’s ownership position
in RemoteMore will increase to approximately 73%.
RemoteMore has been working on an artificial
intelligence (AI) solution that improves the matchmaking between
companies and developers. Since 2021, RemoteMore has added several
new features to its platform, such as a job dashboard that permits
employers to request developer profiles according to their very
specific requirements, resulting in the employer getting five
pre-qualified candidates hand-picked by the RemoteMore Service
team. RemoteMore has already released AI features that automate
parts of this matchmaking process, resulting in a superior quality
service at a lower labor cost.
The RemoteMore AI-powered matchmaking tools will
make the company’s offering even more exciting to employers who are
seeking to hire qualified developers. Delivering a high-quality
matchmaking experience at scale is an important competitive
advantage given the confusingly big candidate pool that remote work
unlocks for companies. RemoteMore has already pre-screening data
for over 24,000 remote developer profiles (such as professional
history, remote work fit and technical skills) which is a strong
foundation for further automation and AI development.
During the first three quarters of 2022,
RemoteMore increased the number of its registered company users
from 650 to 1,500, and its pre-screened pool of developers from
6,300 to over 24,000. As the demand for sophisticated software
developers grows, and the number of AI-powered tools continues to
expand, the need for high quality matchmaking at scale will only
increase.
“Integrating an AI-powered tool to ensure that
the best fit applicants reach our employer clients is the logical
next step,” said Boris Krastev, CEO and Co-founder of RemoteMore.
“These tools have grown in popularity in recent months. Our
strategy is to be proactive when it comes to the adoption of new
technologies that can revolutionize our industry.”
“AI-powered tools are some of the most
impressive technological developments in recent years and their
popularity is only growing,” said Adam He, CEO of PDN, “The
momentum in the AI space has been tremendous and we want to be able
to leverage this technology within our diversity recruiting
operations as well, thus providing the synergies we had envisioned
when first acquiring an interest in RemoteMore.”
About Professional Diversity Network,
Inc.Professional Diversity Network, Inc. (PDN) is a developer and
operator of online and in-person networks that provides access to
networking, training, educational and employment opportunities for
diverse professionals. Through an online platform and our
relationship recruitment affinity groups, we provide our employer
clients a means to identify and acquire diverse talent and assist
them with their efforts to recruit diverse employees. Our mission
is to utilize the collective strength of our affiliate companies,
members, partners and unique proprietary platform to be the
standard in business diversity recruiting, networking and
professional development for women, minorities, veterans, LGBT and
disabled persons globally.
For more about the company, please
visit:www.prodivnet.com
About RemoteMore USA, Inc.RemoteMore USA, Inc.
is a remote-hiring marketplace that connects companies with
reliable, cost-efficient developers with less effort and friction,
and empowers every developer to get a meaningful job regardless of
their location.
For more about the company, please
visit:www.remotemore.com
Forward-Looking StatementsThis press release
contains information about PDN's view of its future expectations,
plans, and prospects that constitute forward-looking statements.
These forward-looking statements are made under the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, as amended. All statements other than statements of
historical facts in this announcement are forward-looking
statements, including, but not limited to: any projections of
earnings, revenue, or other financial items; any statements
regarding the adequacy, availability, and sources of capital, any
statements of the plans, strategies, and objectives of management
for future operations; any statements regarding the future benefits
of the investment described in this release, including the
development of new revenue streams or the availability of
distributions on any securities; any statements relating to the
future reinstatement of the license described in this release by
the applicable regulatory authorities; any statements concerning
proposed new products, services, or developments; any statements
regarding future economic conditions or performance; any statements
of belief; and any statements of assumptions underlying any of the
foregoing. In addition, there is uncertainty about the continuous
spread of the COVID-19 virus and the impact it may have on the
Company’s operations, the demand for the Company’s products, and
global economic activity in general. PDN may also make written or
oral forward-looking statements in its periodic reports to the SEC,
in its annual report to shareholders, in press releases and other
written materials, and in oral statements made by its officers,
directors, or employees to third parties. Statements that are not
historical facts, including statements about PDN’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, whether known
or unknown, and are based on current expectations and projections
about future events and financial trends that the Company believes
may affect its financial condition, results of operations, business
strategy, and financial needs. Investors can identify these
forward-looking statements by words or phrases such as “may,”
“will,” “will make,” “will be,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “potential,” “continue,”
“endeavor to,” “is/are likely to,” or other similar expressions.
Further information regarding these and other risks is included in
our annual report and other filings with the U.S. Securities and
Exchange Commission (the “SEC”). All information provided in this
press release is as of the date of this press release, and PDN
undertakes no obligation to update any forward-looking statements,
except as may be required under applicable law.
Press Contact for IPDN:For further information,
please contact:Professional Diversity Network, Inc.Tel: (312)
614-0950Email: investors@ipdnusa.com
Professional Diversity N... (NASDAQ:IPDN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Professional Diversity N... (NASDAQ:IPDN)
Historical Stock Chart
From Jul 2023 to Jul 2024