Employment placement agencies and executive search services

One vendor owns the agency system of record, and the open space above it is already funded. Bullhorn has sold front-office, CRM and pay-and-bill software to staffing firms since the 2000s; Vista bought it in 2012, Insight Partners bought Vista's stake in 2017, and in September 2020 Stone Point Capital (then more than $26B of committed capital) became lead investor with Insight and Genstar staying in [B]. It keeps buying the edges: TargetRecruit, a Houston front- and middle-office product built on Salesforce, in August 2025, which Bullhorn says took its Salesforce ecosystem to 150,000 users [B for the deal; count C]. The next tier is owned by strategic buyers, not founders: The Access Group bought Vincere (20,000+ recruitment consultants) in January 2022 [B], JobAdder is funded by its parent SEEK (4,500 client accounts, 27,000 users in 2023) [C], and Loxo, bootstrapped for years, closed a growth investment led by Tritium Partners in a $115M transaction in February 2025 [B]. Avionté (Serent Capital) and TempWorks hold the US temp back office — timesheets, payroll and invoicing for contractors — where switching means moving pay and bill mid-cycle. Below them Recruit CRM, Crelate, Manatal, Zoho Recruit, Recruiterflow, Firefish, PCRecruiter and Mercury xRM (built on Microsoft Dynamics) fight for small desks on price. Sourcing sits with LinkedIn, whose revenue rose $1.4B or 9% in Microsoft's 2025 fiscal year with Talent Solutions inside it [A], and AI sourcing is the best-funded corner: SeekOut ($115M Series C at about $1.2B, 2022), Gem ($100M Series C at $1.2B, 2021) and Juicebox ($30M Series A led by Sequoia, September 2025) [B]. How this differs from its neighbours. 541514-ats-applicant-tracking-systems is the employer's own hiring system — Workday Recruiting, iCIMS, Greenhouse, Ashby — bought by a CHRO to fill its own jobs. This record is the agency's system: the candidate is inventory, the client is the customer, and the software must track fees, splits, placements and, for temp desks, every hour billed. 561320-temporary-staffing-agency and 5613-employment-services are the agencies themselves; 541514-eor-aor-international-hiring is the cross-border employer layer (Deel, G-P, Remote). Cross-border placement is the moving part. Agencies placing a foreign hire increasingly put the worker on an Employer of Record's payroll, or contract through an Agent of Record, rather than open an entity. Canada's routes are set by government: an LMIA under the Temporary Foreign Worker Program (low-wage positions need at least 8 consecutive weeks of advertising within the 3 months before applying) [A], the LMIA-exempt International Mobility Program (employer fee from $230) [A], and the Global Talent Stream, with a 10-business-day LMIA standard met 80% of the time [A]. In the US a September 2025 proclamation required a $100,000 payment on certain new H-1B petitions; a federal court vacated the guidance in June 2026, the First Circuit refused a stay on 24 July 2026, and DHS says it still plans to collect if the order is lifted [A]. That makes compliance a feature agencies want, and Bullhorn and the EOR vendors are both positioned to sell it. Incumbent vulnerability decides it: the core record is held by a PE-backed leader that keeps buying the gaps, the mid-market belongs to Access Group and SEEK, and the AI wedge has been funded at unicorn prices.