iCIMS Withdraws IPO; NJEDA Opens NOL Program Applications; Fintech Innovation Center

[This article was taken from NJTW News, an NJTechWeekly.com newsletter. Sign up for it here.]

iCIMS

  • Holmdel-based iCIMS has “raised fresh capital from U.S. private equity firm TA Associates [Boston] after scrapping plans to go public,” according to an article on the Reuters website Friday.
  • iCIMS makes enterprise hiring solutions, and is located at Bell Works.
  • The software company had filed for an initial public offering (IPO) in August 2021.
  • Reuters quotes CEO Steve Lucas as saying, “With that uncertainty in the market, we felt like the best path forward was to partner with TA to achieve our vision, which is to be a one-stop solution for everything you need to find and hire talent.”

NOL Program Applications

  • The New Jersey Economic Development Authority (NJEDA) opened applications for the 2022 Technology Business Tax Certificate Transfer Program, commonly known as the “Net Operating Loss (NOL) Program.”
  • Aimed at companies that are not yet profitable, the NOL Program enables early-stage technology and life sciences companies in New Jersey to sell a percentage of their N.J. net operating losses and unused R&D tax credits to unrelated profitable corporations for cash.
  • Applications are available online through June 30, 2022. You can apply here.
  • Participants can use the capital raised through the NOL Program to help cover the costs of operating their businesses such as salaries, R&D, and other working capital expenditures.
  • The amount of cash received by companies is usually around $1 million; a total of $75 million is available.

FinTech Innovation Center

  • The NJEDA issued a Request for Information (RFI) seeking insight from qualified individuals and organizations with perspectives on the creation of a physical innovation center dedicated to financial technology (fintech) in New Jersey.
  • The RFI seeks to collect information on whether a fintech strategic innovation center would create a unique opportunity for further economic development, help sustain job growth and job creation, and catalyze innovation in the state.
  • The RFI can be found here.
  • Responses are due by June 6, and questions are due by May 9.

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