NEW YORK--(BUSINESS WIRE)--April 23, 2004-- Monster Worldwide, Inc. (NASDAQ: MNST), the parent company of the leading global online careers property, Monster(R), today announced the acquisition of jobpilot (www.jobpilot.com ), one of Europe's most established and successful online careers portals, from Adecco S.A.
The acquisition of jobpilot establishes Monster's leadership position in Germany, strengthens Monster's position in key European markets, and introduces Monster into key markets in central Europe. It also unites the two leading players in the pan-European online recruitment sector.
Jobpilot generated revenues of approximately $28 million in 2003 and was profitable. Monster Worldwide anticipates that the acquisition will be accretive to its earnings in 2004. Consideration for the transaction will be a combination of cash and stock consisting of approximately $57.0 million in cash and 1 million shares of Monster Worldwide common stock. There will be an additional cash payment of approximately $18.9 million to acquire jobpilot's working capital (which includes approximately $14.9 million in cash) at the closing of the deal.
"The acquisition of jobpilot is consistent with Monster Worldwide's stated strategy to be the leading online recruitment firm in top European markets. In addition, jobpilot will provide Monster the leadership position in Germany a key growth opportunity for Monster Europe, as well as significantly extending Monster's reach, capabilities and footprint in central Europe," said Andrew J. McKelvey, Chairman and Chief Executive Officer of Monster Worldwide.
Together, Monster and jobpilot will enable companies to reach the largest pool of qualified job candidates in Europe and provide European job seekers with the broadest, most comprehensive resource of job opportunities and career-related information available online.
"Since its inception in 1995, jobpilot has solidified its position as the leading German online recruiter," said Peter Dolphin, CEO of Monster Worldwide, Europe. "Jobpilot's proven track record and brand recognition and awareness in Europe is a natural fit with Monster's international strength and resources. We are delighted to welcome the highly successful jobpilot team to the Monster family."
Moving forward, Monster and jobpilot will work together to integrate their operations, leverage the synergies and collective strengths between them, and share their skills, knowledge and resources to enhance Monster's value-added propositions for clients and job seekers in Germany and across Europe.
Jobpilot GmbH is one of the biggest European career markets on the Internet (www.jobpilot.com ) and belongs since May 2002 to the e-HR Services division of the Adecco Group. The company founded as Jobs & Adverts, launched its innovative jobpilot Internet site in October 1995. Sites are online in 11 European countries. Regular customers include nearly 30 of the companies listed in Germany's DAX share index as well as 21 companies in the EuroSTOXXsm 50 share index. In addition to publishing job vacancies the range of services includes several innovative products such as Workflow Software, Direct Selection, Online Assessment etc. Offering employment opportunities in each sector, jobpilot now gains 40 million page views per month (April 2004).
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 20 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 online 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. Founded in 1994 and 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.
SOURCE: Monster Worldwide, Inc.