Monster completes acquisition of HotJobs, signs multi-year traffic pact with Yahoo!
25 Aug 2010
Job site Monster today said it had completed its acquisition of Yahoo!'s online recruitment website Yahoo!'s HotJobsfor $225 million in cash.
Concurrent with the closing of the acquisition, Monster and Yahoo! have also entered into a three-year commercial traffic agreement which makes Monster Yahoo!'s exclusive provider of career and job content on the search engine's homepage in the United States and Canada.
Effective today, Monster enters a transition period while the company builds an integrated site and product offering that will deliver the industry's most complete recruitment and career seeking solutions – and the tools to derive the most relevant results from the most possibilities.
The acquisition of Yahoo! HotJobs would consolidate Monster's position as the market leader in online job opportunities and global recruitment resources.
''We are delivering on our strategy with the acquisition of HotJobs and the clear winners are our customers, job seekers and shareholders,'' said Sal Iannuzzi, chairman, chief executive officer and president of Monster Worldwide. ''We now have a powerful one-two punch of scale and precision – the largest pool of seekers and jobs, coupled with our 6Sense semantic search technology that allows unrivaled ability to match talent and opportunities.''
In a statement Monster said that job seekers will have access to more opportunities, since the site is now the foremost source of job postings for employers in 19 of the top 20 industries and in 45 out of the top 50 cities as compared to any leading online career site.
Moreove, through the deal, Monster will expand its customer base, reaching roughly 62 per cent of the US internet population or 130 million unique visitors.
Monster will also expand its newspaper partnerships from 400 to 1,000 with the addition of 600 HotJobs daily and weekly newspapers providing local reach in all 50 states.
Jeff Kinder SVP, Media Products and Solutions at Yahoo!, said, ''The combination of Monster and HotJobs offers a stronger service for all parties, with more employers, job seekers and opportunities. The traffic agreement also enables Yahoo! to continue to provide users with valued online career and recruiting services.''
