Review This: Jobs Site Glassdoor Sold to Recruit Holdings
Japan's Recruit Holdings is buying the employer review and jobs site for $1.2 billion.
Glassdoor, the California-based company that has collected more than 40 million employee reviews on more than 770,000 companies in 190 countries, announced the company will be acquired by Japan-based Recruit Holdings for $1.2 billion in cash. The deal is expected to close in summer 2018.
Launched in 2008, Glassdoor allows employees to anonymously post reviews of employers, rate their CEO, share salary information and disclose interview questions. The company reports 59 million unique users per month and has signed up 7,000 corporate customers that pay to post job openings and use the company’s employer branding products.
Recruit Holdings, founded in 1960, provides a range of services including technology, recruitment ads, staffing and employee placement. The Tokyo-based company employs 45,000 people in 60 countries. Recruit Holdings plans to operate Glassdoor as a separate part of its HR technology segment.
“Joining with Recruit allows Glassdoor to accelerate its innovation and growth to help job seekers find a job and company they love while also helping employers hire quality candidates,” said Robert Hohman, Glassdoor CEO and co-founder, in a press release announcing the deal. Hohman will reportedly continue to lead Glassdoor after the deal closes.
Recruit Holdings is also the owner of jobs aggregator Indeed, which it acquired in 2012, as well as job search engine Simply Hired, bought in 2016. With Glassdoor now under its umbrella, Recruit Holdings has solidified its claim to being a global leader in HR and recruitment services.
“Glassdoor is an impressive company with strong leadership, mission, products, clients and employees,” said Hisayuki Idekoba (Deko), Recruit chief operating officer and head of the company’s HR technology segment. “We are excited to help them continue to grow and deliver value to the job seekers and employers they serve.”
The deal comes as somewhat of a surprise. Just a couple of months ago, analysts speculated Glassdoor was preparing to go public. In February, Bloomberg reported the company was interviewing banks for a potential initial public offering of stock in the second half of 2018. To date, the company has raised approximately $200 million and in 2016 was valued at $1 billion.
Recruit’s acquisition of Indeed followed a similar pattern with speculation that the jobs aggregator would IPO at a value of $1 billion, only to have Recruit swoop in and snap up the company in a private transaction.
Mike Prokopeak is vice president and editor in chief at Workforce. He can be reached at email@example.com.