Jobshop, Europe’s leading online recruitment firm,
is changing its name to StepStone
and will receive $100 million in additional investment over the next 18 months.
The firm aims to capture 25 per cent of the European online recruitment
market.
Giles Clarke, the founder of Majestic Wine and Pet City who has had a major
impact on both wine and pet retailing in the UK, is investing in the
expanded company. Last month he also became its new CEO.
“I have been reviewing a large number of opportunities since I left Pet
City/PetsMart,” said Giles Clarke, who sold his national chain of
pet superstores in 1996 for £150 million ($240 million).
“What particularly attracted me to StepStone was its European
market leadership and its personification of the essential qualities and
benefits of the Internet: speed, immense cost effectiveness, flexibility,
availability and geographical reach.”
Founded in Norway in 1994 as Jobshop, the firm expanded rapidly through
acquisition and internal growth. Its turnover in 1998 was $5.4 million
and the company is expected to show a 300 per cent growth for 1999.
Currently, StepStone trades in the UK, Germany, Norway, Sweden and Denmark,
providing a “matchmaker” service for employers, agencies and jobseekers.
With the new investment it plans to expand into other European markets
and add additional services to help people with their careers.
“As the European market leader, we are in pole position to exploit this
booming market,” said Giles Clarke.
“Our most established business, Scandinavia, also the most mature Internet
market
outside the U.S., is extremely successful. We believe that we can capture
around 25 percent of the online European recruitment market, anticipated to
be worth over $1.6 billion by 2003, which is a target well worth aiming
for.”
