Monster Worldwide Announces Strategic Interactive Acquisition; Acquires Military Advantage, Inc. to Drive Growth and Expansion in United States Government Sector
NEW YORK--(BUSINESS WIRE)--March 16, 2004--Monster Worldwide, Inc. (NASDAQ: MNST), the parent company of the leading global online careers property, Monster(R), today announced a strategic acquisition designed to accelerate Monster's growth in the interactive market. To help further enhance Monster's U.S. public sector initiatives, the company has acquired Military Advantage, Inc., operator of Military.com, the nation's largest online military destination with over 3 million members.
Military Advantage targets the 30 million Americans with military affinity to offer career services, educational opportunities, VA benefits resources and a host of other advantages earned through military service. The company provides corporate and government clients with efficient access to a market comprising one of the largest in consumer purchasing power.
"Joining forces with Monster Worldwide enables us to expand offerings for military personnel, veterans and those considering a military career," said Christopher Michel, founder and president of Military Advantage. "We look forward to realizing synergies with Monster.com and TMP Worldwide Advertising & Communications along with Monster Government Solutions and other Monster Worldwide products."
Military Advantage and Monster will offer employers access to veteran jobseekers, an elusive talent pool with technical skills, security clearances, diversity and leadership experience. TMP Worldwide Advertising & Communications and Military Advantage will offer clients measurable affinity marketing programs as well as efficient recruiting and retention programs aimed at military personnel or veterans. Military Advantage, through TMP, currently delivers advertising campaigns for the Naval Reserve, the Air Force Reserve and the General Services Administration (GSA).
"Acquiring this leading player in its online field enhances our reach, capabilities and footprint in a key growth area for our Monster division - the U.S. public sector," said Andrew J. McKelvey, chairman and chief executive officer of Monster Worldwide. "This merger enables us to offer employers efficient access to veteran jobseekers, an elusive talent pool with skills that are applicable not only in the aerospace and defense industries, but many other sectors including healthcare, high tech, construction and government. In addition, we will be able to assist veterans in locating career opportunities and programs that value their unique status and experience."
Military Advantage is profitable and generated revenues of $7.5 million in 2003. Monster Worldwide anticipates that the acquisition will be accretive in 2004 and beyond. The consideration for the transaction was approximately $39.5 million in cash with approximately $24.5 million payable at closing and the balance payable over the next two years.
About Military Advantage
Founded in 1999, Military Advantage, Inc. owns and operates Military.com, the largest online military destination serving more than three million members, including active duty personnel, reservists, guard members, retirees, veterans, family members, defense workers and those considering military careers. Military.com's free tools and services enable the 30 million Americans with military affinity to access their service benefits, advance their careers, enjoy military discounts, and stay connected. Military Advantage also is the nation's largest military marketing firm, developing efficient marketing and communications programs for government agencies and companies serving the military market. More information on the company is available at www.military.com.
About Monster Worldwide
Founded in 1967, Monster Worldwide, Inc. is the parent company of Monster(R), the leading global online careers property. The company also owns TMP Worldwide, the world's largest Yellow Pages advertising agency and one of the world's largest Recruitment Advertising agency networks. TMP Worldwide is also a provider of direct marketing services. Headquartered in New York with approximately 4,300 employees in 19 countries, Monster Worldwide (NASDAQ: MNST) is a member of the S&P 500 Index. More information about Monster Worldwide is available at www.monsterworldwide.com.
Celebrating its 10-year anniversary, Monster is the leading global careers property. A division of Monster Worldwide (NASDAQ: MNST), Monster works for everyone by connecting quality job seekers at all levels with leading employers across all industries. Headquartered in Maynard, Mass., Monster has 22 local language and content sites in 20 countries worldwide. Monster is the official online career management services sponsor of the 2004 U.S. Olympic Team. More information is available at www.monster.com or by calling 1-800-MONSTER. To learn more about Monster's industry-leading employer products and services, please visit http://recruiter.monster.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.
CONTACT: Monster Worldwide, Inc.
Robert Jones, 212-351-7032
David Rosa, 212-351-7067
Christian Harper, 212-445-8135
SOURCE: Monster Worldwide, Inc.