At a press conference, Monster.com announced that it has signed the acquisition deal wherein it has bought over JobsAhead.com from its stakeholders. Financial investors like ChrysCapital (a venture capital firm) and angel investors besides employees and the management held stake in JobsAhead.com.
We were waiting for the right opportunity to sell our company keeping the best interest of our stakeholders in mind. With this deal of around Rs 40 crore, all our shareholders including employees are now richer, JobsAhead.com chairman Puneet Dalmia told newspersons.
JosbAhead.com had given stock options to its all employees amounting to around 5 per cent of the companys equity base.
Arun Tadanki: Whetting The Monsters Appetite
Monster.com is looking at this acquisition to strengthen its offerings within IT, as JobsAhead.com is a leading player in providing recruitment in the space of IT.
Dalmia Returns Home To Cement
Puneet Dalmia, the brain behind JobsAhead.com, an online recruitment firm, is now on his way to actively join his family business cement and sugar. Mr Dalmia, who is proud of clinching this acquisition deal at the right time, is on his way to scout for acquisition deals to strengthen the cement business.
The combined entity will now have 1 lakh job postings, the largest database as well as traffic.
The 135 employees of JobsAhead will now join the 70-odd employees in Monsters team.
JobsAhead brand will continue for a year or so, till the time the integration of the two organisations is completed, JobsAhead vice-chairman Alok Mittal said.
Acquisition has been part of Monsters strategy for growth as in the last few months it acquired four companies including JobsAhead.
With the exception of JobsAhead in Asia, the other companies were military.com in the US, jobpilot.com in Pan-Europe and tinkle.com in the US.
We are open to more acquisitions in the future in Asia as and when we find the right match, Mr Tadanki pointed out.