The Amsterdam-based human resources consulting firm Randstad Holdings has announced that it will be acquiring Monster Worldwide for $429 million in cash.
The employment site Monster.com is one of the few remaining companies left from the dot-com boom. The company was founded in 1999 and went public shortly thereafter. During that time Monster had a share price that was over $91 and its market cap was nearly $8 billion. A few years later in 2007, the company stock fell to $51, though it was still valued at $5.5 billion.
Randstad Holdings will allow Monster to keep its brand and operate as a separate entity. The firm's end goal is to develop a “portfolio of HR services” by combining different aspects of the recruitment and employment industry.
The CEO of Randstad, Jacques van den Broek offered insight into the firm's decision to acquire Monster, saying: “In an era of massive technological change, employers are challenged to identify better ways to source and engage talent. With its industry leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural compliment to Randstad.”
“The transaction is aligned with our Tech and Touch growth strategy and reflects our commitment to bringing labour 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.”
Image Credit: Dennizn / Shutterstock