Monster buys jobpilot.de

Filed in archive Venture Capital on May 19, 2004

This is not exactly a new headline but pretty noteworthy. After buying Jobline.de some years ago, Monster is still hungry for the German market and has agreed to buy Jobpilot.de Germany's remaining market leader.

"The New York-based company on Friday said it is purchasing career portal JobPilot from the e-HR Services division of Adecco Group. Under terms of the deal, monster will pay $57 million in cash and 1 million shares of Monster Worldwide worth around $29 million based on Friday's trading price. Monster also will make an additional cash payment of $18.9 million toward JobPilot's working capital."

The deal values Jobpilot.de at � 74.5 million. Jobpilot.de had revenues of � 28 million in 2003 and was slightly profitable. This seems like a pretty fair valuation in these days and if you are not mobile.de. According to the press release Monster has found a smart way to ensure the management will stay with the new company - Davide Villa, CEO of jobpilot.de shall serve as CEO of Monster Central Europe.

Update:

jobpilot.de has been public already in 2000 and was acquired by Adecco in 2002 for � 70 million. It seems to be a low margin deal for Adecco...