Global staffing provider Randstad Holding nv agreed to acquire Monster Worldwide Inc. (NYSE: MWW) for an enterprise value of approximately $429 million.

Under the terms of the merger agreement, Randstad agreed to commence a tender offer through a wholly-owned subsidiary to acquire all of the outstanding shares of Monster common stock for $3.40 per share in cash.

“Randstad is continuing to execute its strategy of expanding its services across the wider workforce solutions ecosystem,” said John Nurthen, executive director of global research for Staffing Industry Analysts. “While historically, staffing firms have tended to operate separately from job boards, Recruit has proven that it is possible for these services to successfully co-exist and prosper within the same portfolio of workforce-related services. Randstad’s acquisition of Monster may now prompt similar strategic moves from other large staffing firms.”

The boards of directors of both Randstad and Monster unanimously approved the terms of the merger agreement, and the Monster board resolved to recommend that shareholders accept the offer. The consideration represents a 22.7% premium to Monster’s closing stock price on Aug. 8, the last trading day prior to the announcement, and a 30.1% premium to the 90-day volume weighted average stock price.

Monster will continue operating as a separate and independent entity under the Monster name.

The deal follows significant earlier consolidation among major job boards. Last month, Recruit Holdings Co. Ltd., one of the world’s largest staffing firms and the parent company of job search site Indeed, acquired the assets of job search engine Simply Hired. And in June, Microsoft Corp. (NASD: MSFT) agreed to acquire LinkedIn Corp. (NYSE: LNKD) in a transaction valued at $26.2 billion.

Monster ranks No. 5 on Staffing Industry Analysts’ list of largest job boards globally, based on 2015 annual revenue. While the global job board market grew at an estimated 11% in 2015, Monster’s revenue declined by 13%. Recruit, which operates a number of other large Asian job boards as well as Indeed, holds the top spot on the list, followed respectively by LinkedIn, Seek and TEGNA Inc., which operates CareerBuilder, among other sites.

Monster today announced summary financial results for the second quarter, which showed a continuing decline in both revenue and profitability. Revenue from continuing operations fell 10% year over year to $150.9 million. Recruit this week also reported earnings for its fiscal first quarter, noting net sales at Indeed.com jumped 63.6% to ¥27.3 billion (US$266.1 million). And TEGNA last month reported CareerBuilder revenue edged up 2.7% year over year in the second quarter, reflecting solid growth in its resume database products and human capital software solutions as well its acquisition of Aurico.

Randstad intends to use Monster’s recruiting media, technologies and platforms to expand its services to offer tools for increased efficiency and engagement.

“In an era of massive technological change, employers are challenged to identify better ways to source and engage talent,” said Randstad CEO Jacques van den Broek. “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 Monster CEO Tim Yates. “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.”

Randstad intends to finance the acquisition through its existing credit facilities, and expects the transaction to be completed in the fourth quarter, subject to customary closing conditions and regulatory approvals. The company said it will now reduce its recent M&A pace and focus on integration and implementation going forward.