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Sunday April 20, 2014

Wall Street’s Version of LinkedIn: OneWire

Image representing OneWire as depicted in Crun...

Image via CrunchBase

Manhattan-based OneWire, an online financial services venture, allows both recruiters to post highly detailed job listings and job seekers to apply for positions. Founders Brin McCagg and Skiddy von Stade have raised $30 million from private investors, including MTV founder and former AOL CEO Bob Pittman, and Harrison LeFrak, vice president and chair of the LeFrak Organization, according to Crain’s New York.

OneWire’s job listings can be expanded to other self-promotional sites such as LinkedIn or a university’s job board. Candidates complete a profile using a range of drop-down items; the data is stored and can be updated in the future. “It became clear to us there was a very significant opportunity to transform the way firms administer the recruiting process,” Mr. McCagg said to Crain’s.

The founders began their venture by talking to recruiters at Wall Street firms, after which point they began collaborating on developing OneWire, a community where potential employees can be sought after by financial firms . “In those discussions, it became clear to us there was a very significant opportunity to transform the way firms administer the recruiting process,” McCagg told Crain’s.

Given the vast talent that exists in New York, OneWire investor and real estate executive Harrison LeFrak, recognizes the necessity for such an online community, telling Crain’s, “If you need to find someone who speaks Vietnamese and has financial talent, how else are you going to get that [detailed]?” he asked. “The business is just as effective at looking for talent inside of your company as outside.”

Unlike LinkedIn, OneWire specifically targets corporate customers and has very limited community functions, said McCagg. Where does the company’s profit come from? Participating companies pay an annual licensing fee to use its cloud-based application, SAS. Fees can range from $10,000 to $250,000 annually depending on the size of the firm. According to Crain’s, the company has signed more than 200 clients within the past two years.