Global job search website company Monster Worldwide (MNST) has acquired a 40 percent stake in ChinaHR.com Holdings Ltd, the owner of ChinaHR.com, for US$50 million.
ChinaHR.com is one of China's many online recruitment websites, with approximately 3.2 million registered users and more than 280,000 corporate clients. With operations in 10 major Chinese cities and growth plans in additional markets in the upcoming year, ChinaHR.com has a staff of 480 employees.
As a result of the transaction, Monster Worldwide will initially occupy three of seven seats on ChinaHR's Board of Directors. Monster Worldwide will also have certain rights and obligations to acquire a 51% or more interest in ChinaHR in the event of an initial public offering or 3 years, whichever comes first.
"Gaining a foothold in this key area of the Asia Pacific region represents another step in Monster's global growth strategy of entering foreign markets where significant current and future opportunity exists. With the world's largest population and fastest growing economy, we believe that China's rapidly growing recruitment marketplace currently represents a great opportunity," said Andrew J. McKelvey, Chairman and CEO of Monster Worldwide. "We are confident that this is the right time for us to enter the Chinese marketplace and that ChinaHR.com's significant customer base, user base and strong brand awareness make them the ideal partner. Additionally, the company has established relationships with more than 100 Chinese colleges and universities and is consistently ranked as the top university student recruiting service."
"We are extremely pleased to partner with Monster, the global leader in online recruitment, and begin leveraging its proven methodologies to fully capitalize on the tremendous recruitment market opportunity in China," said Kathy Xu, Chairperson of the Board of ChinaHR.com Holdings Ltd.