Dutch human resources and recruitment firm Randstad announced today that it’s acquiring Monster, the international job-hunting site, for $429 million in an all-cash transaction.
That’s a win for Monster, which is one of the few companies left standing after the first dot-com bubble burst; the buyout comes at a premium on the company’s share price of $262 million when markets closed on Monday.
Ever been to a tech festival?
TNW Conference won best European Event 2016 for our festival vibe. See what's in store for 2017.
Monster itself acquired Tinder-style job search app Jobr in June. The company will keep its brand and continue to operate as a separate entity; Randstad notes that “the transaction is intended to accelerate their ability to develop new and innovative capabilities that deliver greater value to job seekers and employers by bringing labor supply and demand closer together.”
It’ll be interesting to see if the deal helps Monster grow in the job-hunt space over time to take on rivals like Indeed. Randstad hopes to complete the acquisition in the fourth quarter of 2016.