Recruit Holdings Buys Glassdoor for $1.2 Billion
Japanese human resources firm Recruit Holdings has just acquired popular job portal Glassdoor for a cool $1.2 Billion. Glassdoor has been struggling to procure more funding these past few years and was valued at $850 million.
Interestingly, Recruit Holdings also owns global job site Indeed.
Glassdoor, the website that gives users information on companies, the work culture and salaries, has been bought by Recruit Holdings, a Japanese human resources company. With the deal going through for a staggering $1.2 Billion, this is one of the largest technology acquisitions of 2018.
Excited to announce Glassdoor is joining together with Recruit Holdings. https://t.co/dJdoQ6mam2
— Glassdoor (@Glassdoor) May 9, 2018
The popular job portal hadn’t been able to get new funding for the past two years, which might have been the trigger for this decision. The choices that Glassdoor had were to try and raise more money, go public or sell – they seem to have gone with the third choice. The company was recently valued by investors at around $850 Million.
There were reports in early 2018 that the company was considering an IPO in the second half of the year.
It’s interesting to note that Recruit Holdings, also owns the job site Indeed.
Other than just job listings, Glassdoor allows employees to anonymously review the companies they work for and even rate the CEO which makes it quite a useful site for people evaluating companies during a job hunt.
Post this deal, Recruit Holdings’ stock prices rose by as much as 3% on the Tokyo Stock Exchange.
Glassdoor’s co-founder Robert Hohman and Hisayuki Idekoba, the COO of Recruit Holdings have had a professional relationship for years and have reportedly discussed in the past that the two companies would do better if combined.