The résumé stopped being a reliable signal. The M&A market noticed before most employers did.

46% of candidates now use AI when applying, and application volumes per job opening are up roughly 250% since 2022. Employers are responding: use of CVs in screening has fallen from 73% to 67% of employers in a year, and 81% of US employers now apply skills-based hiring, up from 57% in 2022 (SHRM).

Acquirers read the same signal earlier. Goldenhill has tracked 31 transactions in AI-enabled hiring-process tools since January 2025, with disclosed deals commanding a median revenue multiple of c.9.6x. In Q2 2026 alone: Phenom acquired behavioural-assessment platform Plum, Greenhouse acquired AI voice-interview specialist Ezra, and Personio acquired recruiting-AI start-up aurio.

Here’s the gap worth watching. A June 2026 YouGov survey for HireRight found 41% of UK HR leaders report zero AI usage in their HR function, the highest of eight countries surveyed, and only 18% expect AI to lift hiring volumes by year-end. The capital is moving into AI-native hiring faster in some cases than it is being adopted, but the AI hiring infrastructure will be there when they are ready.

Full findings, deal list and multiples in our Q2 2026 HRTech Sector M&A Review.