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.