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Monster.com Acquires RecruitmentScotland.com
For Immediate Release Contact: Emily McKittrick Monster.com (978)461-8715 emckittr@monster.com
New acquisition strengthens Monsters' European expansion strategy
LONDON, UK - May 18, 2000 - Leading Internet career management portal, Monster.com, today announced its acquisition of Scotland's largest recruitment site, RecruitmentScotland.com. The deal is worth $13.1 million dollars and provides Monster with consolidated reach into the Scottish labour market, contributing to the company's global expansion strategy. The sale of RecruitmentScotland.com 100% interest is final and will be wholly owned by Monster.com.
TMP has issued 205,703 shares of common stock for all of the outstanding shares of Business technologies Limited, the limited company behind RecruitmentScotland.com. This acquisition will be accounted for as a pooling of interests and will be accretive to TMPW's financial results for 2000.
RecruitmentScotland.com, the leading Scottish Internet recruitment site was founded in 1997, their 2000 sales will be in excess of $1.5m dollars and their clients include Scottish Equitable, The Royal Bank of Scotland, Standard Life, Bank of Scotland, Scottish Power, Scottish Widows, National Australia Group and Abbey National.
Since the launch of the site, RecruitmentScotland.com has achieved the leadership position in the Scottish Internet recruitment market catering to a wide span of employers including major blue chip corporations, small start-ups, and everything from high tech companies to the armed forces.
Monster.com is the number one recruitment site across the globe and currently has sites in 10 countries, including four countries across Europe, with plans to launch six more European sites this year. The Monster Career Network is a lifelong career service job seekers can use to expand their careers, providing continuous access to the most progressive companies, as well as interactive, personalised tools to make the process effective and convenient. Features include: My Monster - resume management, a personal job search agent, a careers network, chats and message boards, privacy options, expert advice on job-seeking and career management. Monster sites offer employers cost-effective and efficient recruiting solutions including real-time job postings, complete company profiles and resume screening, routing and searching.
Gordon Adam, Director of RecruitmentScotland.com, commented ``We see the acquisition of RecruitmentScotland.com by Monster.com as a demonstration of the importance of the Internet to the recruitment space and identifies Scotland as a key component of Monster's European expansion.''
Andrew Wilkinson, Managing Director, Monster.com Europe, commented, ``Scotland, as with many areas in Europe has a mass of job opportunities and this acquisition enables European job seekers to connect with Scottish businesses as well as Scottish talent. The acquisition of RecruitmentScotland.com will also give Monster.com an even stronger foothold into the UK market. This is already an established Scottish site with over 65,000 job seekers visiting the site on average per month. We feel that there is a strong synergy between the two companies as both focus on career management and want to offer their customers access to a more global pool of recruits, whilst offering job seekers a broader range of jobs and services''.
``The European network is the major focus for Monster's global expansion,'' said Jeff Taylor, CEO of Monster.com. ``Acquisition of this dominant Scottish site, which like Monster.com is already profitable, is critical to our rapidly developing footprint in this region.''
About RecruitmentScotland.com
RecruitmentScotland.com, owned by Business Technologies Limited, launched in October 1997 and is the most comprehensive job & employer site in Scotland.
About TMP Worldwide
Founded in 1967, TMP Worldwide, now with more than 7,600 employees in 29 countries, is the on-line recruitment leader, the world's largest recruitment advertising network, one of the world's largest selection agencies, and a leading global retained executive search firm. TMP Worldwide, headquartered in New York, is also the world's largest Yellow Pages advertising agency and a provider of direct marketing services. The company's clients include more than 90 of the Fortune 100 and more than 480 of the Fortune 500 companies.
About Monster.com
Monster.com (www.monster.com), the flagship product of the Interactive Division of TMP Worldwide, is the leading global career portal on the Web with over 15.2 million unique visits per month. Monster.com connects the most progressive companies with the most qualified career-minded individuals, offering innovative technology and superior services that give them more control over the recruiting process. The Monster.com global network consists of local language and content sites in the United States, United Kingdom, Australia, Canada, the Netherlands, Belgium, New Zealand, Singapore, France and Hong Kong. More information about Monster.com is available at www.monster.com.
About TMP Worldwide
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Special Note: The above statements include forward-looking statements based on current management expectations. Factors that could cause future results to differ from these expectations include the following: risks associated with acquisitions, competition and seasonality. Additional factors are described in the company's reports filed with the Securities and Exchange Commission.
