The online employment-hunting service Monster Worldwide announced on Wednesday that it was buying the Yahoo HotJob recruitment Web site for US$225 million in cash.
“Bringing together Monster and HotJobs creates even greater access and opportunities for both recruiters and job seekers,” Yahoo executive vice president Hilary Schneider said.
Internet pioneer Yahoo has been cutting costs and streamlining its online focus in the face of tough competition from Google and the aftermath of a botched takeover campaign by software giant Microsoft.
Terms of the deal include Monster providing job-related postings for Yahoo’s homepage in the US and Canada for three years, being paid based on clicks and other “expressions of interest.”
“HotJobs with its significant customer base plus the traffic agreement are an ideal complement to Monster’s innovative recruitment solutions and global reach,” Monster chief executive officer Sal Iannuzzi said.
Monster believes the acquisition will enable it to offer employers a “significantly larger pool of candidates” given that industry-tracker comScore reported that an average of 12.6 million people monthly visit HotJobs.
HotJobs has features and tools crafted for people seeking jobs and those looking to hire.
Yahoo bought the firm in 2002 in a stock-and-cash deal valued at US$436 million, besting a bid by Monster at that time.
The sale of HotJobs to Monster comes a week after Yahoo reversed losses of a year ago and posted its best quarterly net profit since Carol Bartz took over as chief executive.
The Sunnyvale, California-based Yahoo reported a fourth-quarter net profit of US$153 million compared with a loss of US$303 million in the same quarter a year ago.
Revenue, however, continued to slide at the Internet giant, falling 4 percent in the quarter that ended on Dec. 31 to US$1.732 billion.
Yahoo said its annual net profit rose 43 percent to US$598 million, while annual revenue fell 10 percent to US$6.46 billion.
Bartz has focused on aggressive cost-cutting since taking over the reins of the company a year ago.
Bartz said in an earnings conference call that Yahoo has “many more new products planned for this year” and would also be looking to make acquisitions.
“For us, 2010 is about acquisitions to make Yahoo even stronger,” she said, although she cautioned that the company did not plan any big purchases.
Bartz, a former chief executive officer of software firm Autodesk, took over as Yahoo chief executive in January last year, replacing founder Jerry Yang (楊致遠), who stepped down amid criticism of his rejection of a US$47 billion takeover bid by Microsoft.
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