RealTime IT News

Monster.com Buys RecruitmentScotland.com

[May 18] In a deal said to be worth $13.1 million, career portal Monster.com announced Thursday its acquisition of RecruitmentScotland.com, Scotland's largest recruitment site.

Under the terms of the takeover agreement, Monster.com's owner TMP Worldwide has issued 205,703 shares of common stock for all the shares of Business Technologies Limited, the company behind RecruitmentScotland.com.

Predicting 2000 sales of over $1.5 million, RecruitmentScotland.com claims a leadership position in the Scottish market with clients such as Scottish Equitable, The Royal Bank of Scotland, Scottish Power, and Scottish Widows.

However, RecruitmentScotland.com is a minnow compared with Monster.com which has clients that include most of the Fortune 500 companies. TMP Worldwide operates in 29 countries and has over 7,600 employees, while its online recruitment arm has sites in 10 countries, including four in Europe.

Jeff Taylor, chief executive officer of Monster.com, said that the European network is the major focus for Monster's global expansion.

"Acquisition of this dominant Scottish site, which like Monster.com is already profitable, is critical to our rapidly developing footprint in this region," said Taylor.

Andrew Wilkinson, managing director, Monster.com Europe, commented that there was a mass of job opportunities in Scotland, as elsewhere in Europe. He said the acquisition would give Monster.com a stronger foothold in the U.K. market while also enabling European job seekers to connect with Scottish businesses.

An established site with 65,000 job seekers visiting it on average each month, RecruitmentScotland.com was launched in October 1997.

Worldwide, Monster.com enjoys over 5.2 million unique visits per month. Its network now has sites with local language and content in the U.S., U.K., Australia, Canada, the Netherlands, Belgium, New Zealand, Singapore, France and Hong Kong.