Silkroad Customer Teardown

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Last updated March 7, 2019

Silkroad Inc. was founded in 2003 by Andrew Filipowski, in North Carolina and provides Software as a Service (SaaS) solutions in the Human Capital Management space, having offices in North America, Europe and Japan. Their software covers four modules, namely, Recruiting, Onboarding, Performance Management and Learning. Besides that, their software also has an Applicant Tracking System, including one click dashboards, workflows and an unique feature called ‘Hot Match’ which provides a comparison and rating of the top 50 resume profiles available in the database to the active job postings. Silkroad has more than 500 employees.

Data Analysis by Slintel

According to Slintel data, Silkroad has 534 active customers. In the past month (January), and it had no new customer additions. They have however had two exclusions, which are: P&M Corporate Finance LLC to Avature and Prana to Workday Recruiting.

Further analysis of Slintel’s data shows that 26% of Silkroad’s customers have less than 50 employees, while 48% have less than 200 employees. This shows that Silkroad has the majority of its customers mainly in the small-medium business segment. However, Silkroad does have an impressive list of customers who are either in the Fortune 500 or have more than 10,000 employees. In terms of industry breakdown, close to 28% of Silkroad’s customers are from Professional Services, 25% are from Energy & Utilities Industrial and 15% approximately each from Retail & CPG and Industrial & Chemicals. More than 70% of Silkroad’s customers are from North America, with a small presence in Europe.

 

Some of the key customers for Silkroad Inc. are:

 

• Barnes Group

Barnes Group is an aerospace manufacturer who also manufactures products and systems for transportations, energy, packaged goods and industrial equipment companies. Barnes Group is estimated to have more than 5,500 employees.

• Bowne & Company

Bowne is a fully owned subsidiary of RR Donnelly (RRD). RRD is a Fortune 500 company which provides integrated communications for marketing and other business related services. RRD has more than 43,000 employees globally. Consolidated Graphics, another subsidiary of RRD is also a Silkroad client.

• De'Longhi

De'Longhi is an Italian appliance manufacturer with a presence in 33 countries. The company manufactures coffee makers, kitchen appliance and homecare products. De'Longhi employs more than 8,700 people globally.

• Dole Food Company

Dole Food Company produces and markets high-quality fresh fruits and fresh vegetables. It is one of the largest agricultural companies in the world. The company also works in nutritional education and research. Dole employs more than 36,000 people globally.

• Hussmann

Acquired by the Panasonic Group Japan in 2015, Hussmann is a manufacturer of refrigerated and freezer display cases and systems. Hussmann provides installation, maintenance and servicing to supermarkets, mass merchant, convenience stores, drug stores etc. Hussmann is estimated to have more than 9,000 employees worldwide.

• ICL Group

ICL Group is a specialty minerals and chemicals company dealing with agriculture, food and engineered materials. ICL supplies its products to over 180 countries and employs approximately 13,000 people worldwide.

• Lear Corporation

Lear Corporation, a Fortune 500 company, designs, engineers and manufactures automotive seating and electrics across 39 countries. Lear Corporation employs approximately 165,000 people worldwide.

• McLeod Health

McLeod Health is a regional hospital network in the US Midlands, serving more than 1 Million patients. It comprises of 7 hospitals with more than 750 doctors, 2,000 registered nurses and 8,500 employees.

• New York & Company

New York & Company specializes in apparel and accessories for the working woman. Their merchandise is sold through its own retail stores network (500+ stores) and online as well. The New York & Company employs approximately 3,900 people.

• Suez – North America

Suez North America is a water service company which provides, water management, energy conservation and recovery & waste management solutions to industrial, military and federal organizations across all 50 states of the US and Canada. Suez employs more than 6,500 people globally.

 

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Key Competitors

Let's take a closer look at the competitive matrix in the ATS software domain tracked by Slintel.

Silkroad ranks 28th out of 221 vendors who provide ATS software. The two incumbents in the ATS space are Taleo and iCIMS, having more than 4,500 customers each. Other significant competitors in the ATS space to Silkroad are Recruitee, Brassring, JobDiva, Hireology, Google Hire and Health Career Source (primarily in Healthcare Domain). A note about Google Hire, although it has been released only 18 months back, it can be expected to wrench customers from the smaller ATS players, given its financial and software clout.

Slintel’s ATS tracking data shows that the majority of Silkroad’s customers have moved from Greenhouse HR, which accounts for almost 34% of their new customer additions. Taleo (25%) and SuccessFactors (17%) are the pother two main vendors from whom Silkroad has acquired new customers. On the flip side, 45% of the customers that Silkroad lost, were to iCIMS. Workday Recruiting (9%), Symplicity CSM (7%) and Jobvite (7%) were the other ATS vendors who acquired Silkroad customers. 

Overall, Workday Recruitment has outperformed in the number of net customer additions, with 16 additions and 3 deletions in the ATS segment. In Silkroad’s peer group, Brassring had 3 additions and 4 deletions, Recruitee had 1 addition and 1 deletion, JobDiva  4 addition and 0 deletions, while Hireology had neither.

Approximately 10 customer contracts will be up for renewal for Silkroad in the April - June 2019 quarter.

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