Japan-based Recruit Holdings acquires Glassdoor
The US-based, job review and job hunting website has been acquired by a Japanese human-resources and consumer-information provider, Recruit Holdings Co. for $1.2 billion in an all-cash deal.
Recruit, which operates online and offline services for travel, housing, restaurants, beauty, automobiles, and education, made its last big acquisition with the acquisition of job-search engine Indeed in 2012. With the purchase of Glassdoor, the company plans to accelerate its growth in HR technology segment.
Robert Hohman, Chief Executive and Co-Founder, Glassdoor will continue to lead the company following the deal. He was quoted in media saying,“I look forward to leading Glassdoor through this exciting new chapter, and to exploring ways to use our combined resources and assets to benefit job seekers, employees and employers once the deal closes.”
Yushi Kawamoto, an analyst at Haitong International Japaninvest KK, shared in media that searching for jobs through employer reviews is increasingly becoming popular and hence buying Glassdoor grabs not only more users but also strengthens Recruit’s existing HR platform."
He further stated that “Recruit is paying about seven times sales, which isn’t high. This will boost their competitiveness. So overall this is positive for Recruit.”
Currently, Glassdoor has nearly 59 million monthly users, 40 million reviews and insights for approximately 770,000 companies.
There are speculations that Glassdoor and Indeed will get integrated into a single platform.
However, Hohman in the company’s blog clarifies that Glassdoor would continue to operate as a separate brand and the company has no plans to change its headcount of about 750 employees as an immediate result of the deal.
Picture Credits: Glassdoor.com