Monstermoving.com Acquires Moving.com; Acquisition Bolsters Monstermoving.com's Position in Online Relocation Industry
NEW YORK, Sep 17, 2002 (BUSINESS WIRE) -- Monstermoving.com, a leading online source of relocation services and a brand extension of Monster(R), the flagship brand of TMP Worldwide Inc. (NASDAQ: TMPW), today announced the acquisition of Moving.com, one of the largest online marketplaces for relocation services and information. The purchase price was $7.35 million in a combination of cash and TMP Worldwide common stock.
The acquisition of Moving.com further bolsters Monstermoving.com's position in the online relocation sector by giving consumers access to a premier network of relocation service providers, which is currently viewed by approximately 2.5 million monthly visitors. Together, the combined properties are poised to capture a more significant share of the estimated $100 billion relocation market and strengthen TMP Worldwide's overall competitive position in the broader interactive marketplace. In addition, the acquisition will expand TMP's real estate on the Web, expose millions of Moving.com users to the TMP and Monster brands and enable TMP to better service its Yellow Pages customers with an expanded breadth of service offerings and scale.
"Moving.com's solid client base, strong consumer audience and profitable business model make this acquisition a key strategic step in establishing Monstermoving.com as the premier relocation site on the Web," said Tom Zorn, President of Directional Marketing, TMP Worldwide. "The combination of these two leaders in the online relocation industry creates an exceptional interactive marketplace and provides unique Internet opportunities for our Yellow Pages clients."
Founded in 1999, Moving.com boasts an impressive network of pre-screened moving companies, storage facilities, real estate agents, mortgage providers and insurance agents. The site's intuitive Moving.com URL drives significant levels of targeted moving consumer traffic, resulting in more than 300,000 monthly unique site visitors. In just three years, Moving.com has attained profitability and built a trusted and recognized brand in the moving industry.
The powerful combination of Moving.com and Monstermoving.com will create one of the most comprehensive online relocation marketplaces, offering moving consumers unlimited access to an expansive network of moving-related products and services. In addition, the acquisition provides relocation-related partners and advertisers with access to a vast, yet highly targeted market of moving consumers.
"Given the strong synergies that exist between our two companies, Monstermoving.com is an excellent and natural fit for us," said Eran Weis, founder and CEO of Moving.com. "We look forward to this exciting new chapter and the opportunity to lend our industry knowledge and expertise to help Monstermoving.com capitalize on the rapidly growing market for online relocation services."
"Over the past few years, Monstermoving.com and Moving.com have emerged as leaders in the online relocation space. Together, we have grown and shaped this marketplace into a credible, viable industry," said Pete Lamson, COO, Monstermoving.com. "We are eager to welcome Moving.com to the Monstermoving family as we continue to drive the industry's growth. Together, we will focus on delivering on our promise of improving the relocation experience for moving consumers while providing new opportunities for our business partners."
As one of the world's largest online marketplace for relocation information, services and moving-related decision support tools, Monstermoving.com simplifies the way people move by leveraging the power of the Internet to successfully manage all stages of the relocation process. Monstermoving.com provides a comprehensive array of moving-related services and relocation tools, designed to reduce the time, cost and stress associated with moving.
Monstermoving.com is a subsidiary of TMP Worldwide and a brand extension of Monster, the flagship brand of TMP Worldwide. More information about Monstermoving.com is available at www.monstermoving.com.
About TMP Worldwide
Founded in 1967, TMP Worldwide Inc., with more than 8,500 employees in 33 countries, is the online recruitment leader, the world's largest Recruitment Advertising agency network, and one of the world's largest Executive Search and Executive Selection agencies. 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 490 of the Fortune 500 companies. In June 2001, TMP Worldwide was added to the S&P 500 Index. More information about TMP Worldwide is available at www.tmp.com.
Monster, headquartered in Maynard, Mass., is the leading global careers website, recording over 44.9 million unique visits during the month of August 2002 according to independent research conducted by I/PRO. Monster 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 global network consists of local content and language sites in the United States, United Kingdom, Australia, Canada, the Netherlands, Belgium, New Zealand, Singapore, Hong Kong, France, Scotland, Germany, Ireland, Spain, Luxembourg, India, Italy, Sweden, Norway, Denmark, Switzerland, and Finland. Monster is the official online career management services sponsor of the 2002 Olympic Games and 2002 and 2004 U.S. Olympic Teams. More information about Monster is available at www.monster.com or by calling 1-800-MONSTER.
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 the company's strategic direction, prospects and future results. Certain factors, including factors outside of our 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 we operate, risks associated with acquisitions, competition, seasonality and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.