Monster Buys South Korean Job Site - InformationWeek
IoT
IoT
News
News
10/18/2005
03:23 PM
50%
50%

Monster Buys South Korean Job Site

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.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
How Enterprises Are Attacking the IT Security Enterprise
How Enterprises Are Attacking the IT Security Enterprise
To learn more about what organizations are doing to tackle attacks and threats we surveyed a group of 300 IT and infosec professionals to find out what their biggest IT security challenges are and what they're doing to defend against today's threats. Download the report to see what they're saying.
Register for InformationWeek Newsletters
White Papers
Current Issue
Digital Transformation Myths & Truths
Transformation is on every IT organization's to-do list, but effectively transforming IT means a major shift in technology as well as business models and culture. In this IT Trend Report, we examine some of the misconceptions of digital transformation and look at steps you can take to succeed technically and culturally.
Video
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Flash Poll