Jul 31, 2008: Monster Adds Next Generation Intelligent Search Technology with Acquisition of Trovix, Inc.
Acquisition will enable Monster to Provide Unrivaled Search and
Company also announces acquisition of Armees.com; Alliances with Cornerstone OnDemand and HireRight
NEW YORK--(BUSINESS WIRE)--July 31, 2008--Monster(R), the leading global online careers and recruitment resource and flagship brand of Monster Worldwide, Inc. (NASDAQ: MNST), today announced a series of strategic business initiatives highlighted by the acquisition of Trovix, Inc., a leading provider of employment products and services using intelligent search technologies. The implementation of the Trovix technology will enable Monster to provide employers and job seekers with innovative search capabilities that will simplify the recruiting process by providing highly relevant, targeted search results.
"This acquisition will greatly accelerate our goal of providing employers and job seekers with the most innovative solutions that can deliver the best search and match tools in the online recruitment business," said Sal Iannuzzi , Chairman, President and Chief Executive Officer, Monster. "This is an unrivaled and unique technology, and it underscores Monster's commitment to investing significant resources to enhance our overall technology platform. Trovix's superior match technology complements nicely our ongoing investments in product, sales and customer service, as well as the extension of our business into new areas and geographies. This is truly a game-changing development."
Trovix uses advanced semantic search technology that has the ability to analyze resumes and job descriptions by focusing on key attributes such as skills, work history, and education to provide meaningful search results. The combination of Monster and Trovix enhances Monster's value proposition to employers by adding speed and efficiencies to the recruiting process, resulting in an improved return on investment for employers. The technology will also benefit job seekers, who will receive more relevant, targeted job postings.
"The implementation of this technology will allow Monster to provide unparalleled match capabilities, taking us beyond keyword search into contextual search," said Darko Dejanovic, Global Chief Information Officer and Head of Product, Monster. "Monster users across the globe will benefit through the most personalized search and match capabilities, increasing the connections between qualified seekers and employers."
"Trovix was founded with the goal of providing advanced search technology that processes digital information with human-like understanding and delivers results that truly match what people are looking for," said Jeff Benrey, current CEO who, along with Earl Rennison, Chief Technology Officer, founded Trovix. "The ability to apply the Trovix intelligent search technology to Monster's existing offerings provides an opportunity to deliver solutions that help companies go about identifying and recruiting the best talent available."
The purchase price for the transaction was $72.5 million in cash. The Trovix Mountain View location will remain open with employees being integrated into Monster. Immediate plans call for Monster to continue support of all existing Trovix customers.
Monster has also announced the acquisition of Armees.com, the leading Military site in France dedicated to improving the lives of military personnel, veterans and family members. This acquisition accelerates Monster's momentum in the French market and further expands the company's affinity strategy globally. Monster will increasingly connect public and private sector employers to the skilled talent pool of military veterans.
Monster anticipates that neither of these acquisitions will have a material impact on financial results in 2008.
In addition, Monster has entered into an alliance with Cornerstone OnDemand, a provider of on-demand, E-learning and training services, to provide learning and development online courses to Monster's job seekers. Through the alliance, Monster will launch a set of course bundles on general business, desktop applications, and IT topics designed to help job seekers acquire the training and skills required to excel in their careers. Cornerstone distributes more than 30,000 online courses and offers versions in up to 19 languages.
Finally, Monster and HireRight, an on-demand employment screening solutions provider, have also entered into an alliance. Through the arrangement, Monster will offer employers the opportunity to purchase HireRight background screening services as part of their current candidate management experience on Monster.com. The HireRight alliance will provide Monster's employers the ability to seamlessly screen candidates for criminal and motor vehicle records, employment history and other background information.
"We are constantly innovating and diversifying our product portfolio and offerings," said Iannuzzi. "At Monster, we don't just sell better jobs, we help promote better lives - we're in the life improvement business. This means new products, strategic alliances and unique partnerships. This is really just the beginning for us - stay tuned."
About Monster Worldwide
Monster Worldwide, Inc. (NASDAQ: MNST), parent company of Monster, the premier global online employment solution for more than a decade, strives to inspire people to improve their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 index and the NASDAQ 100. To learn more about Monster's industry-leading products and services, visit www.monster.com.
About Trovix, Inc.
Trovix is a semantic search technology company focused on employment. Trovix products help job seekers to find the best opportunities for them, and employers to quickly identify and recruit the best talent available. The company's patented technology drives its consumer job site, Trovix.com, as well as its enterprise solutions, Trovix Reach and the award-winning Trovix Recruit. Trovix customers include employers such as Palm, Stanford University, Hallmark, Salary.com, Trend Micro, Sanmina-SCI, Sunpower, Extreme Networks, VMware, and Rambus. Headquartered in Silicon Valley, Trovix is backed by top-tier venture capital firms including 3i, Granite Ventures and USVP. For more information, visit www.trovix.com.
Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding Monster Worldwide, Inc.'s strategic direction, prospects and future results. Certain factors, including factors outside of Monster Worldwide's control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which Monster Worldwide operates, risks associated with acquisitions, competition, seasonality and the other risks discussed in Monster Worldwide's Form 10-K and other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.