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Global staffing, recruiting firm wants to create 'the world's most comprehensive portfolio of HR services'
After spending several years searching for a buyer, Monster Worldwide Inc. has found its match. Randstad Holdings NV is purchasing Monster for $429 million, or $3.40 per share, both companies announced today.
The motivation for Randstad's purchase is to leverage "Monster's multiple distribution channels to bridge two different but complementary parts of the extended recruiting industry," according to a Randstad press release. The company adds that they "intend to build the world's most comprehensive portfolio of HR services," and that Monster will continue operating as a separate and independent entity under the Monster name.
"In an era of massive technological change, employers are challenged to identify better ways to source and engage talent," said Jacques van den Broek, CEO of Randstad, which is headquartered in the Netherlands. "With its industry-leading technology platform and easy-to-use digital, social and mobile solutions, Monster is a natural complement to Randstad. We look forward to welcoming the Monster team and working together to shape the evolving global job industry."
Monster CEO Tim Yates sounded equally optimistic, saying that the acquisition allows Monster, based in Weston, Mass., to be "better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company."
A ubiquitous name in the recruiting industry, Monster launched 20 years ago as The Monster Board with creator Jeff Taylor at its helm. Following many twists and turns in the online recruitment space and a range of CEOs through the years dealing with many competitive challenges, investors have called for the company to seek a strategic acquirer, which is accomplished with this sale.
"This acquisition is the latest example of the dynamic and global nature of the talent acquisition solutions industry," said Peter Weddle, chief executive officer of TAtech: The Association for Talent Acquisition Solutions in Stamford, Conn. "Monster helped to shape the industry in its early years and I suspect that as a part of Randstad, it will influence both the industry's direction and shape in the future."
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