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Pegged Software raises $7.5M for hiring technology

Pegged Software, a Baltimore company that helps health care institutions make smarter hiring decisions, raised $7.5 million in investment from an affiliate of SunBridge Capital Management LLC.

The company's software uses "big data" analysis to gauge how successful job applicants would be in a given institution or position, helping clients largely in the health care industry to reduce turnover. It works with 119 institutions to process 3 million job applications each year, CEO Mike Rosenbaum said.

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Pegged plans to use the investment to hire staff, pursue more customers in the health care industry, and complete research and development that could allow it to expand to other industries.

The company is an outgrowth of Catalyst IT Services, Rosenbaum's software engineering outsourcing company. Catalyst used Pegged's software in its own hiring as Pegged worked to build a roster of clients, Rosenbaum said.

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Pegged started offering its software to health care clients in 2010 and has grown gradually since then, he said. The company has about 20 employees.

Pegged plans to raise as much as $9.3 million from Sunbridge, based in Chevy Chase, and other investors before closing the round of investment, Rosenbaum said.

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