Glassdoor Acquired by Japan’s Recruit for $1.2 Billion
California based job hunting platform Glassdoor that offers people a window to look into the conditions at thousands of companies has been acquired by Japan’s Recruit Holdings for a $1.2 billion in cash.
The all-cash deal allows Glassdoor to enter the full-service human resources powerhouse while continuing to maintain its brand.
Glassdoor CEO Robert Hohman said in a statement that their mission to help people everywhere to find a job and a company which they love will not be changed by the acquisition. He added that it will in fact allow them to speed up their operations compared to what they could do alone.
Including its most recent funding of $40 million that happened in March 2016, Glassdoor has raised a more than $400 million from its investors which put its value at $1 billion. This makes it clear that what Recruit had paid it is not a huge amount. However, the new acquisition suggests that that last few years haven’t been so spectacular to Glassdoor in terms of its growth. But the deal looks like a big win for its investors including Battery Ventures and Benchmark.
Founded in 2007 by Robert Hohman, Tim Besse and Expedia founder Rich Barton, Glassdoor is used by more than 59 million people every month, many of whom come to read about how the companies are rated by their present and former employees. Glassdoor has information of over 770,000 companies across 109 countries and has more than 40 million reviews that cover salary information, CEO ratings, company culture and much more.
Most of its revenue comes from recruiting services and Glassdoor claims that it works with about 7,000 employees and about 40 percent of the Fortune 500 companies. Together with its HR and recruitment services, Glassdoor operates in other segments including travel, real estate and dining which is reflected in its earlier acquisitions including the U.S. job sites Indeed and Simply Hired, and its acquisitions in Europe including education technology company Quipper, restaurant site Quandoo, and Wahanda hair and beauty service.
Recruit, on the other hand, is a company that is well known for its acquisition of overseas businesses. It has more than 45,000 employees in 60 countries.