RealTime IT News

Job Sites Ink Merger

Internet recruiting services provider HotJobs.com, Ltd.Tuesday merged with Resumix Inc., a developer of staffing management software, in a stock deal worth just under $45 million.

The union is expected to be completed during the second quarter .HotJobs.com (HOTJ) will issue approximately 3.6 million shares of its common stock, in exchange for all outstanding Resumix equity. Resumix stockholders who are not accredited investors will receive cash for their shares, which as of close of market on April 24, 2000, will not exceed $800,000.

In addition, HotJobs.com will assume Resumix's existing stock option plans, resulting in the potential additional issuances of approximately 1.1 million shares of HotJobs.com common stock upon the exercise of Resumix employee stock options.

By combining, the companies anticipate they will be able to provide a higher level of service to corporate hiring managers, according to Richard Johnson, president and CEO of HotJobs.com.

"The recent consolidation in the online recruiting industry shows that owning the desktop of the recruiter is the key to winning," he said.