Monster Invades Small European State
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[London, ENGLAND] Online careers site Monster.com announced Thursday its acquisition of luxjob.lu, the largest recruitment site in the EU's smallest state, Luxembourg.
Founded in 1998, luxjob.lu is said to be "already profitable," like Monster.com itself, and has many international blue chip companies as clients.
Strictly speaking, the deal is between Monster.com's parent TMP Worldwide and luxjob.lu's parent Synapse. Neither company has issued exact figures, but the acquisition is said to have been completed by an exchange of shares.
The Grand Duchy of Luxembourg does not often figure in reports about the Internet from Europe, unless grouped among the so-called "Benelux" countries with Belgium and The Netherlands. Only 999 square miles in area, it nonetheless has a thriving economy and a GDP of around US $14 billion.
"Luxembourg represents a very dynamic employment environment which needs to attract professionals from the other European financial centers like London, Paris, Frankfurt or Dublin," said Andrew Wilkinson, managing director, Monster.com Europe.
In fact, around a third of the people who live in Luxembourg are "foreigners" from other European countries -- and this percentage is likely to rise in the future. In the new Europe, Luxembourg has a distinct advantage in being a cosmopolitan society, where even the nationals are of mixed Celtic stock with French and German ancestry.
Luxjob.lu has been working with Monster.com since the middle of last year, publishing the vacancies of Luxembourg companies on Monster's international sites.
"This partnership has made clear that both companies share the same vision - to provide the consumer with a complete career management tool, well beyond a simple job posting," said Marc Neuen, managing director of luxjob.lu.
Whether luxjob.lu will change dramatically as a result of the takeover remains to be seen. Despite its role in European integration, Luxembourg's own national motto is: "We want to remain what we are."