The $94 million deal helps Monster expand into up-and-coming markets.
Monster Worldwide, parent company of U.S. job site Monster, said Tuesday that it has acquired JobKorea, a South Korean company with more than 3 million registered users of its online recruitment site, for $94 million.
The acquisition is in line with Monster's strategy of expanding into Asian countries that are becoming a growing force in the world's employment markets, officials with the New York-based company said. South Korea is the seventh largest Internet market in the world with more than 32 million people online, according to Monster.
"The acquisition of JobKorea marks a significant step in Monster's global expansion strategy and immediately establishes us in one of Asia's fastest growing markets," Andrew J. McKelvey, chairman and chief executive of Monster, said in a statement.
JobKorea, founded in 1996, is expected to generate revenue of $15 million this year. Monster expects the company to add next year between $6 million and $7 million in earnings before interest, taxes, depreciation and amortization. The acquisition cost is net of cash acquired in the purchase.
IT's Reputation: What the Data SaysInformationWeek's IT Perception Survey seeks to quantify how IT thinks it's doing versus how the business really views IT's performance in delivering services - and, more important, powering innovation. Our results suggest IT leaders should worry less about whether they're getting enough resources and more about the relationships they have with business unit peers.
What The Business Really Thinks Of IT: 3 Hard TruthsThey say perception is reality. If so, many in-house IT departments have reason to worry. InformationWeek's IT Perception Survey seeks to quantify how IT thinks it's doing versus how the business views IT's performance in delivering services - and, more important, powering innovation. The news isn't great.
InformationWeek Must Reads Oct. 21, 2014InformationWeek's new Must Reads is a compendium of our best recent coverage of digital strategy. Learn why you should learn to embrace DevOps, how to avoid roadblocks for digital projects, what the five steps to API management are, and more.