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International recruitment company SThree (STHREE:LSE) has sold its online recruitment platform, IT Job Board, to US-based online recruitment provider Dice Holdings Inc. The deal was brokered by Cavendish Corporate Finance.
Dice Holdings Inc. have purchased the outstanding shares of Job Board Enterprises Ltd., the corporate entity of The IT Job Board, for an initial consideration of £9.2 million net of cash acquired. Additional consideration up to a maximum of £3 million in case is payable upon the achievement of certain financial targets ending in 2014. The acquisition allows Dice Holdings to expand into new markets.
The IT Job Board makes IT job searches simpler by using a network of technology career sites spanning the UK, Germany, Belgium, and the Netherlands. The strength of the company’s technology platform and its database have been key drivers of growth. The site received nearly a quarter of a million visits per month and has nearly one million technology professionals registered to match against jobs. Thereby providing its customers with quick and easy access to targeted, high-quality talent.
Caroline Belcher, partner at Cavendish Corporate Finance, said: “The sale by SThree, an international specialist recruitment firm, of The Job Board, its online recruitment platform, to another online recruiter illustrates the debate in the sector at the moment about whether online recruiters work best as standalone businesses or can be equally effective as part of recruitment companies.”
Dice Holdings Inc. is a provider of specialized websites and career fairs for select professional communities and claims that www.dice.com is the leading recruiting and career development website for technology and engineering professionals in the US. The company has been on the acquisition trail and in September 2012, acquired the websites Slashdot, SourceForge and Freecode from Geeknet, forming Slashdot Media.