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TMP Worldwide Acquires Virtual Relocation.com
Contact: Lavine Surtani
(212) 445-8262
Jim Treacy
(212) 527-8604
Comprehensive Moving Services Portal to become Moving Center of Monster.com
Benefiting Monster.com Users and Yellow Page Advertising Clients.
New York, NY - May 15, 2000 -- TMP Worldwide Inc., (NASDAQ: TMPW; ASX: TMP) the leading provider of global recruitment solutions including the dominant Internet career portal, Monster.com, and the world's largest Yellow Pages advertising agency today announced the acquisition of VirtualRelocation.com. This acquisition will serve TMP as the cornerstone of a new Moving Center that will be integrated into the Monster.com homepage. TMP has issued 947,916 shares of common stock for all of the outstanding shares of VirtualRelocation.com and has paid approximately $726,000 to certain shareholders who chose to receive cash in lieu of shares. In addition, outstanding options to acquire Virtual Relocation common stock were converted into options to acquire up to 94,885 shares of TMP common stock. The acquisition will be accounted for as a pooling of interests.
VirtualRelocation.com is the Internet's first and most comprehensive online provider of relocation information, services and analytic tools. By featuring information that addresses the entire moving process, such as moving, utilities, insurance, mortgage, community, education and home repair, VirtualRelocation.com provides users the ability to research and manage their move and thoroughly investigate new communities before settling in them. VirtualRelocation.com has provided relocation solutions to numerous Fortune 500 companies including Cisco, IBM, Texas Instruments, Allstate and the American Red Cross. The site has been nationally recognized by Yahoo! Internet Life, Net Guide, Fast Company and others.
The acquisition of VirtualRelocation.com and TMP's creation of the new Moving Center extends the Monster.com online recruitment brand into the moving services marketplace. TMP will capitalize on the relationship between recruitment and relocation uniquely positioning the company for future internet revenue growth while providing a powerful advertising venue for moving-related clients. The VirtualRelocation.com acquisition follows the previously announced acquisition of Microsurf, Inc. MortgageQuotes.com and MoverQuotes.com, both former Microsurf website properties, enable consumers to make intelligent relocation and home financing decisions on the Internet. The Moving Center, which provides online assistance with relocation, will be launched in the 3rd quarter of this year and will attract Monster.com users as well as unique visitors.
Andy McKelvey, Chairman and CEO of TMP Worldwide, commented, “The agreement with VirtualRelocation.com is in line with TMP's Internet strategy for both our Monster audience and our Yellow Pages division. With our new Moving Center on Monster.com, we expect to see an increase in our cross-selling trend as we provide additional online advertising venues to our traditional yellow page clients. Today, over 30% of our Yellow Pages revenues are derived from the moving services industry, including van lines, truck rentals and home services, providing a large advertiser base. Drawing on the experience, infrastructure and brand built at Monster.com, we have no doubt that our expansion into online moving services will be an enormous success.”
"TMP has proven itself a leader, demonstrated by its vast number of Fortune 500 clients and the company's Internet-based resources, which have a powerful brand name,” said Scott Taylor, Co-Chairman of Virtual Relocation.com. “We look forward to being part of this company whose foundation is firmly rooted in creating innovative, forward-thinking solutions to better serve clients' needs.”
This new acquisition underscores TMP Worldwide's goal of continued growth of online product offerings while enhancing the company's offline business services. VirtualRelocation.com is strategic in nature and as The Moving Center on Monster.com unfolds, new exciting revenue opportunities will emerge.
About VirtualRelocation.com Worldwide
VirtualRelocation.com (http://www.virtualrelocation.com) was created to leverage the power of the Internet to provide the most comprehensive range of resources necessary for the successful planning and execution of a move. As the largest online navigational marketplace of relocation information and categorized moving-related tools, services and companies, VirtualRelocation.com warehouses over 400,000 links and 87,000 pages of helpful information and products enabling the user to visualize, understand and connect with their new location before they move. These resources have been made available to users free of charge and attract a broad audience from Fortune 1000 human resource managers to consumers engaged in a personal or career related relocation.
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 or by calling 1-800-MONSTER.
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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.
