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The world’s seventh-largest staffing firm, Recruit Co., will acquire the US-based job site Indeed for an undisclosed sum. The acquisition of shares is expected to be completed in early October 2012.
Indeed will be an independent operating unit of Recruit, led by current senior management.
The New York Times Company, one of Indeed’s three major investors, is expecting to book US$ 100 million in profits in the fourth quarter of the year by selling its minority interest.
Recruit’s CEO, Masumi Minegishi, said that the acquisition aims to increase the firm’s global reach, following recent expansions in the US and Europe where the firm bought shares of staffing firm Advantage Resourcing early this year.
Indeed launched in 2004 as a search engine for jobs and is now available in over 50 countries and 26 languages. The firm attracts 80 million unique visitors per month with the acquisition deepening its presence in the Asian markets where Recruit already operates a number of important job boards including www.51job.com, the leading job board in China.
Recruit Co. is based in Japan where it is the largest staffing firm ranked by revenue with a market share of just under 6%, according to research by Staffing Industry Analysts. Recruit is also an experienced online operator with more than 40 different websites in a range of categories such as life events, lifestyle, electronic commerce, social applications and HR.
The company is privately held, but is planning to go public as early as next year – making it one of the largest initial public offerings Japan has seen in recent years. Recruit’s total consolidated revenue for the year ended 31 March 2012 was Y807,661 million (approximately €7.3 billion) and the company’s stated aim is to be among the top three HR service providers worldwide.