Indeed has agreed to be purchased by Recruit Co Ltd, a Japanese based company
San Francisco, CA -- (SBWIRE) -- 10/05/2012 -- One of the largest job listing sites, Indeed, has been around since 2004. The company has done well on it’s own, doubling its revenue each year for the past three years. However, ongoing negotiations with a Japanese company, Recruit Co Ltd, has made them rethink their previous decisions to not go public.
The company is set to be bought by Recruit Co Ltd; however, the price they agreed upon has not yet been revealed. Indeed was advised by the trusted Morgan Stanley Company on the buy.
Indeed offers users a large database of employments posted on their sites. The site has been so successful it has surpassed Monster.com in the race to become the largest employment site.
Indeed succeeded, and in 2010 became the largest site dedicated to these services in the United States, the survey was conducted by comScore.
Among the investors are Union Square Ventures, New York Times Co, and Allen & Co. Since 2007, Indeed has gotten their investors very profitable results and have not needed further outside funding. What does this buy mean for investors? The actual amount received by the investors has not been revealed; the company released a statement claiming they received “healthy returns”. The investors were a major part of Indeed’s success having accounted for $5 million in initial funding in 2005.
The negotiations began in early March, and have continued frequently, the buy is supposed to close early this month. The Hart-Scott-Rodino Antitrust Improvements Act in the United States, still needs to approve various regulations on the deal.
The buy is expected to deepen Indeeds relations with Asia, Europe, and the Americas. The company currently employs 550 people and its service is used in 50 countries, and offered in 26 languages. Recruit on the other hand employs 22,000 people. Indeed’s co-founders Forster and Rony Kahan, are to remain on board with the company during the buy.
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