Online Job Portal Glassdoor Inc. said late Tuesday that it had agreed to be bought by Japan
Recruitment of investments
for $ 1.2 billion on an all-cash deal, the latest in a series of overseas acquisitions by Japanese companies.
Recruit Holdings of Tokyo, a human resources company, plans to establish the private Glassdoor, which was launched in 2008, as a separate part of its growing HR technology business, Glassdoor said in a press release. Not only does Glassdoor provide jobs and recruitment services, it also enables the publication of employee ratings from companies.
The agreement came on the heels of the Japanese drug maker
$ 62 billion deal for European rival Shire PLC, which stands at the top
$ 32 billion acquisition of British chip designer ARM Holdings PLC two years ago as the largest overseas deal by a Japanese company
"I'm looking forward to Glassdoor through this one Lead exciting new chapters and seek ways to leverage our combined resources and assets to the benefit of jobseekers, employees, and employers once the deal is complete, "said
Glassdoor Founder and co-founder of Glassdoor at release. Mr. Hohman will continue to lead the company after the deal, Glassdoor said in Mill Valley, California.
"Glassdoor provides a powerful platform that changes the way people everywhere find work," said
Recruit Chief Operating Officer and head of his HR tech unit, in the clearance.
The deal is expected to close this summer and is subject to regulatory approvals and closing conditions, said Glassdoor.
Qatalyst Partners acts as exclusive financial advisor to Glassdoor and Gibson, Dunn & Crutcher is their legal advisor. Goldman Sachs & Co. LLC served as the exclusive financial advisor, and Sullivan & Cromwell LLP provided Recruit with legal advice.