09 May 2018, India:
Japan’s HR and Consumer Information Provider Recruit Holdings Co. has agreed to buy online jobs portal Glassdoor for $1.2 billion in an all-cash deal. Co-founder and CEO of Glassdoor, Robert Hohman will continue to lead the company.
The deal is subject to regulatory approvals and closing conditions and is expected to close this summer.
Robert Hohman said, “Glassdoor has transformed how people search for jobs and how companies recruit. Joining with Recruit allows Glassdoor to accelerate its innovation and growth to help job seekers find a job and company they love while also helping employers hire quality candidates.”
Robert Hohman added, “I look forward to leading Glassdoor through this exciting new chapter, and to exploring ways to use our combined resources and assets to benefit job seekers, employees and employers once the deal closes.”
Hisayuki Idekoba (Deko), COO of Recruit and Head of Recruit’s HR Technology Segment said, “I am delighted to welcome Glassdoor to the Recruit Group. Glassdoor presents a powerful platform that is changing how people find jobs everywhere.”
Hisayuki Idekoba added, “Glassdoor is an impressive company with strong leadership, mission, products, clients and employees. We are excited to help them continue to grow and deliver value to the job seekers and employers they serve.”
Qatalyst Partners is acting as exclusive financial adviser to Glassdoor and Gibson, Dunn & Crutcher is its legal adviser. Goldman Sachs & Co. LLC served as exclusive financial advisor and Sullivan & Cromwell LLP provided legal counsel to Recruit.
Glassdoor was launched in 2008. It combines all the latest jobs with millions of reviews and insights to make it easy for people to find a job that is uniquely right for them. It claims to have 59 million monthly users. The company claim to provide recruiting solutions to more than 7,000 employers, including 40 percent of the Fortune 500.
Recruit Group was founded in 1960. It offers a wide range of services, including HR technology, recruitment advertisement, employment placement, staffing, housing and real estate, bridal, travel, dining, beauty and others. The Group has more than 45,000 employees and operates in more than 60 countries.
(Source – Press Release, Image – Glassdoor)