DHX | Market Cap: $168.5M (07/13/26)
Industry:
Commercial Services

DESCRIPTION

DHI Group operates two specialized online job platforms focused on the U.S. technology hiring market. ClearanceJobs is a marketplace connecting employers — primarily defense contractors like Lockheed, Booz Allen Hamilton, Raytheon, and Leidos — with professionals holding active U.S. government security clearances. Dice is a broader tech job platform serving software engineers, data scientists, cybersecurity professionals, and other tech workers, with roughly 80% of Dice revenue coming from tech staffing firms like Adecco, Robert Half, and Randstad. Both platforms are built around a proprietary taxonomy of 100,000+ tech skills, allowing recruiters to search by specific skills rather than job titles. DHI's business model is subscription-based SaaS, with over 90% of revenue coming from recurring annual or multiyear contracts that give customers access to candidate profiles and job posting tools. Revenue is driven by customer count, average revenue per customer, and renewal rates. ClearanceJobs generates adjusted EBITDA margins around 40–45%, well above Dice's low-to-mid 20s%, largely because ClearanceJobs generates roughly twice the revenue per employee. ClearanceJobs is DHI's primary growth engine, benefiting from rising U.S. defense budgets and a recently acquired applicant tracking system, AgileATS, built for cleared hiring environments. Dice growth depends on a recovery in commercial tech hiring, which has been in a downturn since 2022; in the meantime, DHI is repositioning Dice toward a self-service model with lower-commitment monthly subscriptions.

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