Info Edge (India) Ltd, which owns online job portal Naukri, on Tuesday said it will acquire Highorbit Careers, which operates job portals iimjobs.com and hirist.com, for a cash consideration of Rs 80.82 crore. The transaction is expected to close by June 30.
The company has agreed to acquire 100 percent share capital on a fully diluted basis. Post the completion of the acquisition, iimjobs will become wholly-owned subsidiary of the company,” Info Edge said in a BSE filing.
The combination of iimjobs’ strong brand proposition and Info Edge’s strong distribution network, will enable Info Edge to better serve its recruiter clients and job seekers by tailoring its services to meet their requirements, it added.
Commenting on the acquisition, Hitesh Oberoi, Co-Promoter, MD and CEO of Info Edge, said, “iimjobs has managed to carve a niche for itself and has built a great brand in the premium jobseeker community”.
Its value proposition strongly complements, Naukri’s proposition to its customers. Given our massive customer base in Naukri, together with Tarun we are confident of taking this business to the next level over the next few years,” he added.
Highorbit Careers had a turnover of Rs 16.6 crore as on March 31, 2019. With 23,000 job postings and 1.8 million job applications every month, iimjobs.com and hirist.com are promising recruitment platforms for premium job seekers in India.
Info Edge owns properties like naukri.com, naukrigulf.com, firstnaukri.com and ambitionbox. Its platform has more than 60 million registered job seekers and offers products such as resume database access, job postings, and response management tool to over 76,000 corporate clients.
Tarun Matta, Founder of IIMJobs said the partnership will give it the resources to build better products, serve customers better, and take its products to more customers.
In addition to this, it was reported today that Info Edge (India) reported a net profit of Rs 66.31 crore in the quarter ended March 2019 as against net loss of Rs 13.76 crore during the previous quarter ended March 2018.
This news was first published on YourStory.com