Staffing firm Adecco sells Jobpilot to global recruitment company Monster Worldwide
In 2004, Monster Worldwide, a leading global online employment solution provider, made a strategic move to expand its presence in Europe by acquiring JobPilot, a prominent European online job-board operating in 11 countries.
The acquisition marked Monster's entry into key markets such as Austria, Italy, and the United Kingdom, where it already had localized sites and offices in London and Newark [1]. JobPilot's operations were integrated into Monster's European businesses, strengthening its presence in the region.
The purchase price for JobPilot was €74.5 million, a figure that included one million Monster shares valued at approximately €23.4 million and €51.1 million in cash. This strategic move was made to complement Monster's existing staffing services offering [1].
JobPilot, with its roots dating back to 2002 when it was acquired by Adecco S.A. for approximately €60 million, had reported unaudited net sales of €26.9 million in 2003. The management of JobPilot was fully supportive of the sale [1].
Adecco S.A., a Forbes 500 company and the global leader in HR Solutions, operates through three Divisions: Staffing, Ajilon Professional, and LHH Career Services. The company connects 650,000 associates with business clients each day [1].
In its Staffing division, Adecco focuses on providing flexible staffing solutions for global industries in transition. Ajilon Professional offers an unrivalled range of specialized consulting and project management businesses. LHH Career Services encompasses Adecco's portfolio of outplacement and coaching services [1].
The decision to sell JobPilot was made after recognizing that a jobsite was more suited to an interactive company than to Adecco's core staffing business. As a result of the sale, Adecco recorded a book gain of approximately €20 million in the second quarter of 2004 [1].
Post-acquisition, Monster continued to grow and evolve, with various developments occurring in the European region. However, detailed information on the specific terms of the 2004 sale or other developments immediately after the acquisition is not readily available. What is clear is that the acquisition was part of Monster Worldwide's strategy to aggressively expand in Europe by absorbing established local job portals like JobPilot [1].
References: [1] Various sources, including company press releases and financial reports.
- The acquisition of JobPilot by Monster Worldwide in 2004 was a strategic step to enhance Monster's staffing services offering in Europe, by integrating temporary staffing solutions from JobPilot into its existing European businesses.
- Adecco S.A., the global leader in HR Solutions, identified recruitment as a core function better suited to an interactive company rather than its staffing business, leading to the sale of JobPilot in 2004 to Monster Worldwide.
- The evolution of Monster Worldwide post-acquisition of JobPilot in 2004 included growth in Europe, where they absorbed established local job portals like JobPilot, aiming to expand their business in finance, technology, and other sectors.
