Bullhorn Due Diligence

Run due diligence on Bullhorn: check compliance and get alerts when suppliers change.

United States · www.bullhorn.com · 48 vendors

Bullhorn, Inc. is a cloud computing company that provides customer relationship management (CRM), applicant tracking system (ATS), and operations software for the staffing and recruitment industry. Their industry-leading cloud-based software drives the entire lifecycle of the recruitment process, from sourcing to payroll, and from sales to invoice, with AI infused everywhere. Over 10,000 staffing and recruitment companies globally rely on Bullhorn to find and place talent, manage pay, and deliver an incredible experience for candidates and clients.

Resilience scores

Digital Sovereignty: 71
Digital Resilience: 8
Financial Resilience: 7

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Services catalogue

5 services in catalogue across 3 categories; runs on 48 sub-vendors.

Bullhorn
N/A
Proprietary Infrastructure Hosting

Insights

Last updated 2026-08-14 · revision 5

48 direct vendors, 322 subvendors

Direct vendors by controlling owner country (sample)

Netherlands: 2
Denmark: 1
UK: 1

Subvendors by controlling owner country (sample)

India: 1
Sweden: 8
Australia: 3

Compliance

9 in-scope frameworks identified; showing 3.

Financials

Three-year financials

2025:
2024:
2023:

Financial Resilience Score: 7/10

Bullhorn is a mature, profitable, private US SaaS company that dominates the staffing/recruitment technology vertical. The company self-describes as 'founder-led and profitable' with recurring subscription revenue, 10,000+ customers, and >$47M invested in R&D annually. Its deep vertical focus (26+ years exclusively on staffing/recruitment) creates strong customer stickiness, with 80% of the world's largest staffing agencies running on its platform. The 300+ Marketplace partners and #1 ISV status on Salesforce for recruitment reinforce ecosystem lock-in. The company benefits from blue-chip PE backing (Stone Point Capital, Insight Partners, Genstar Capital) providing capital access for M&A, and has executed 10+ acquisitions since 2018 to expand its platform. However, as a PE-owned entity through multiple recapitalizations (Vista 2014, Stone Point/Insight 2017, Genstar 2022 at ~$1.5B+ valuation), meaningful leverage is likely present but not publicly visible. The absence of audited public financial statements makes external credit assessment impossible to verify. Key risks include cyclicality of the staffing industry (Bullhorn's own SIA Staffing Indicator has flagged softness in US temp staffing), integration risk from serial M&A, and competitive pressure from generative-AI entrants and HR-tech giants like Workday, iCIMS, and LinkedIn. Overall, the qualitative profile is strong but the lack of transparency and cyclical customer base warrant a moderate score.

Key strengths: Recurring SaaS subscription revenue model with high gross retention, Deep vertical moat with 26+ years focused exclusively on staffing/recruitment, 80% of world's largest staffing agencies run on Bullhorn platform, 10,000+ customers and 300+ Marketplace partners create ecosystem lock-in, Self-declared profitability and founder-led continuity (Art Papas since 1999), >$47M annual R&D investment, Blue-chip PE sponsors (Stone Point, Insight Partners, Genstar Capital), Active M&A engine with 10+ acquisitions since 2018

Risk factors: Cyclicality of the staffing industry exposes customers to labor-market downturns, PE-owned capital structure implies meaningful undisclosed leverage, Integration risk from serial M&A (10+ acquisitions since 2018), AI competition from generative-AI entrants and HR-tech giants (Workday, iCIMS, SAP, LinkedIn), Concentration in Salesforce ecosystem for one product line, FX exposure across 14 countries, Absence of audited public financials makes credit-worthiness unverifiable externally

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