Amsterdam/Mumbai: In a major development in human resources and recruitment services industry, Randstad Holding, a leading human resources services provider, will acquire Monster Worldwide, a global leader in connecting jobs and people. Both the company have today (09 August 2016) announced the signing of a definitive agreement under which Randstad will acquire Monster. As per the terms of the merger agreement, Randstad will pay $3.40 per share in cash, or a total purchase price of approximately $429 million (enterprise value).
Once the acquisition completes, Randstad is set to build the world’s most comprehensive portfolio of HR services. The joint statement made it clear that Monster will continue operating as a separate and independent entity where Monster will retain its original brand. From strategic point of view, this acquisition strengthens Randstad’s digital human resources services strategy.
Commenting on the transaction, Jacques van den Broek, CEO of Randstad said that in an era of massive technological change, employers are challenged to identify better ways to source and engage talent. With its industry leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad, said Mr Jacques. “The transaction is aligned with our Tech and Touch growth strategy and reflects our commitment to bringing labor supply and demand closer together to better connect the right people to the right jobs. We look forward to welcoming the Monster team and working together to shape the evolving global job industry,” added Mr Jacques.
“Joining Randstad provides a unique opportunity to accelerate our ability to connect more people to more jobs,” said Tim Yates, CEO of Monster. “Together with Randstad, Monster will be better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company. Equally important, this transaction offers immediate value to our shareholders. We look forward to working with the Randstad team to ensure a smooth transition.”
Randstad and Monster have a shared vision for the global job industry, which is rapidly transforming as a result of technology advances. The transaction is expected to accelerate their ability to develop new and innovative capabilities that deliver greater value to job seekers and employers by bringing labor supply and demand closer together.
Randstad continues to enhance its business model in the rapidly shifting landscape, placing annually more than two million people worldwide through its network of more than 4,500 branches and client-dedicated services. With the addition of Monster’s leading recruiting media, technologies, and platforms which connect people and jobs in more than 40 countries, Randstad intends to further expand its services to offer both clients and candidates tools for increased efficiency and engagement, connecting more people to more jobs.