The consolidation of the job search industry continues with the acquisition of American pioneer Monster by Dutch firm Randstad Recruitment for the sum of US$429 million.
The news came Tuesday: Randstad Recruitment bought Monster for US$429 million. Monster issued a statement, saying the website will “continue to operate as a separate and independent entity under the name Monster.”
The buyout is carried while a mass consolidation of the job search and recruitment industry is taking place.
Last June, Monster itself had bought Jobr, described as the “Tinder of the job search.” Shortly after, Simply Hired was bought by Indeed, which itself was bought by the Japanese firm Recruit Holdings. Not to mention that Microsoft now owns LinkedIn.
Founded in 1999, Monster is part of the first generation of tech companies to make their mark on the Internet. Its specialty is being a job search website that addresses the needs of all professional levels.
In addition to job postings, the website is full of information about the employment sector: resume templates and cover letters, tips for interview preparation; its primary mission is to help job seekers.
Randstad is, in turn, geared more towards companies offering HR recruitment services. So there is a convergence, which is beneficial for both groups. “Monster is a natural complement to Randstad, with its platform at the cutting edge of technology, and easy-to-use digital, social and mobile solutions,” said Jacques van den Broek, CEO of Randstad.
Tim Yates, CEO of Monster, also sees an opportunity for his company. “[The acquisition] will enable us to accelerate our ability to connect more people to more jobs.”
Monster had its heyday in the early 2000s, when its market capitalization amounted to $8 billion, and in 2007, when it rebounded to $5.5 billion.
It has since been surpassed in popularity by websites like Indeed and CareerBuilder. However, Monster continues to be a major player, present in 40 countries and employing 4000 people. In 2010 in Canada, Monster had said it received 1.5 million monthly unique visitors and 50,000 new CVs were uploaded to its website.