Job hunting service Glassdoor sold to Japan’s Recruit for $1.2 billion Jon Russell @ 7 hours
In April, Recruit Holdings added to its roster of companies by purchasing the website and assets of Canadian job site Workopolis.com through one of its group companies. This is the latest in a series of overseas acquisitions by Recruit in recent years, including USA job sites Indeed.com in 2012 and Simply Hired in 2016, and, in Europe, restaurant site Quandoo, hair and beauty service Wahanda, and education technology company Quipper in 2015. It claims to have 59 million monthly users. Employees can anonymously post company reviews, CEO approval ratings, salary reports, benefits reviews, interview reviews, office photos and more.
The Glassdoor deal marks the latest in a string of overseas investments by Recruit that, like several other Japanese firms, has been pushing to increase its offshore presence over the past few years to make up for weak prospects at home. In order to grow further, it is likely it needed to decide whether to take the IPO route or raise more funding.
The cash deal, announced this morning, will see Glassdoor operate within Recruit Holdings' HR technology segment, which also includes 2012 acquisition Indeed. According to Bloomberg, the acquisition talks accelerated in the last month and a half.
Glassdoor will continue to be led by its current CEO and co-founder, Robert Hohman, Recruit said in a statement.
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Glassdoor was launched nearly 10 years ago as a way for prospective candidates to read anonymous reviews of workplaces, and has since moved into advertising roles and enabling employees to record salaries and benchmark them against other employers in their sector.
Recruit was established in 1960 as a job ad agency for a college newspaper, but has grown into a human resource services conglomerate, made up of staffing, job placement and marketing site operations. "Glassdoor presents a powerful platform that is changing how people find jobs everywhere".
The group, however, did add it expects the two sister companies will complement and work together in a number of areas, such as job search, job aggregation, jobseeker and employer matching, and utilising direct jobseeker input to improve the overall job search experience.
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