US jobs site Monster on £330m Dutch date with recruiter Randstad
Remember Monster.com? It was one of the first companies to harness the power of the internet to help connect jobseekers and potential employers.
It paved the way for the likes of LinkedIn and Glassdoor — as well as a new wave of snazzy job search apps, such as the so-called "tinder for jobs" Jobr (which it also acquired last month).
Now, Monster Worldwide has been snapped up by Dutch recruiter Randstad Holdings for $429m (£330.25m) in cash. It works out to $3.40 per share, which represents a 23 per cent premium on the firm's closing price yesterday.
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While Monster will continue to operate as a separate entity with its own branding, the acquisition will enable Randstad to bolster its presence in the key US market.
"In an era of massive technological change, employers are challenged to identify better ways to source and engage talent," Jacques van den Broek, chief executive of Randstad, said.
"With its industry leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad."
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"The transaction is aligned with our tech and touch growth strategy and reflects our commitment to bringing labour supply and demand closer together to better connect the right people to the right jobs."
Tim Yates, chief executive of Monster, added: "Joining Randstad provides a unique opportunity to accelerate our ability to connect more people to more jobs."
"Monster will be better positioned to fulfil our core mission, and our employees will benefit from becoming part of a larger, more diversified company."