Dive Brief:
- Talk about a "monster" deal. Randstad Holdings, the Amsterdam-based HR and recruitment company, will acquire job hunting portal Monster Worldwide for $429 million in cash.
- According to a joint statement, Randstad expects to leverage Monster's multiple distribution channels to "bridge two different but complementary parts of the extended recruiting industry."
- Monster will continue operating as a separate and independent entity under the Monster name. The deal is the latest M&A action in the recruitment space. Monster itself recently acquired Jobr, a social network job app, and last month Simply Hired was purchased by Recruit Holdings Inc,, parent company of Indeed, the leading online job board.
Dive Insight:
According to its statement, Randstad has used M&A to accelerate its strategy during the last nine months, and the main focus for Randstad going forward with respect to acquired companies will be on integration and implementation, a signal it will be slowing down it's shopping appetite.
Jacques van den Broek, CEO of Randstad, said that with massive technological change happening, employers are even more hungry for "better ways to source and engage talent." He added that with Monster's technology platform and "easy-to-use digital, social and mobile solutions," the acquisition is a "natural complement" to Randstad.
Tim Yates, Monster CEO, said the deal offers a unique opportunity to accelerate his company's ability to connect "more people to more jobs," and with Randstad, Monster will be better positioned to fulfill its core mission while its employees will benefit from becoming part of a larger, more diversified company.
