Randstad has announced that it is acquiring employment site, Monster, for $429 million in an all-cash transaction.
Randstad intends to build the world’s most comprehensive portfolio of HR services by leveraging Monster’s multiple distribution channels to bridge two different but complementary parts of the extended recruiting industry.
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,” saidJacques van den Broek, CEO of Randstad. “With its industry leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad. The transaction is aligned with our Tech and Touch growth strategy and reflects our commitment to bringing labor supply and demand closer together to better connect the right people to the right jobs. We look forward to welcoming the Monster team and working together to shape the evolving global job industry.”
“Joining Randstad provides a unique opportunity to accelerate our ability to connect more people to more jobs,” said Tim Yates, CEO of Monster. “Together with Randstad, Monster will be better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company. Equally important, this transaction offers immediate value to our shareholders. We are excited to join and be supported by Randstad, as we continue to build the best recruiting media, technologies, and platforms. We look forward to working with the Randstad team to ensure a smooth transition.”
