Amsterdam-based recruitment agency Randstad
has entered into an agreement to acquire employment website Monster Worldwide for $3.40 a share, bringing the total acquisition cost to nearly $429 million. Monster Worldwide provides web-based job search, career management and recruitment solutions.
Randstad claims that it wants to build the most comprehensive portfolio of HR services and with this acquisition, Moster Worldwide’s multiple distribution channels will complement the goal and will act as an extension to Randstad’s suite. The company also states that post acquisition, Monster Worldwide will operate independently.
Jacques van den Broek, CEO of Randstad said:
In an era of massive technological change, employers are challenged to identify better ways to source and engage talent. With its industry leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad.
“The transaction is aligned with our Tech and Touch growth strategy and reflects our commitment to bringing labor supply and demand closer together to better connect the right people to the right jobs. We look forward to welcoming the Monster team and working together to shape the evolving global job industry,” he added.
According to the company, the transaction is intended to accelerate its ability to develop new and innovative capabilities that will deliver greater value to job seekers and employers by bringing labor supply and demand closer together. Randstad claims to continue enhancing its business model in the rapidly shifting landscape, with the addition of Monster’s recruiting media, technologies, and platforms which connect people and jobs, Randstad intends to further expand its services to offer both clients and candidates tools for increased efficiency and engagement, connecting more people to more jobs.
Tim Yates, CEO, Monster Worldwide said:
Together with Randstad, Monster will be better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company. Equally important, this transaction offers immediate value to our shareholders. We are excited to join and be supported by Randstad, as we continue to build the best recruiting media, technologies, and platforms. We look forward to working with the Randstad team to ensure a smooth transition
Monster and Randstad too have been active in mergers and acquisitions, recently, Monster acquired San Francisco-based startup Jobr
, a mobile based job application that enables recruiters and hiring managers to connect with job seekers. This acquisition according to Monster will make the job search easier and quicker. On the other hand Randstad acquired Twago
, a freelance marketplace that connects hiring clients to freelance professionals and contractors with an aim to accelerate clients’ freelance talent strategies and provide them a more holistic and integrated way to manage the total workforce.