58.com Acquires ChinaHR.com
Chinese classified information website 58.com announced that the company has acquired the well-known recruitment website ChinaHR.com.
However, no financial details were immediately available.
On the completion of the acquisition, ChinaHR.com will maintain its independent operation, brand, and team.
As a result of the acquisition, Ireland's Saon Group, former parent company of ChinaHR.com, will withdraw itself from the Chinese business. Meanwhile, apart from purchasing the assets of ChinaHR.com, 58.com will hire most of its existing employees.
Commenting on the deal, Yao Jinbo, chief executive officer of 58.com, said that ChinaHR.com has an operating history of 18 years and it is a well-known company in the Internet recruitment sector. They value the brand asset accumulation and professional team of ChinaHR.com and hope to realize 58.com's full coverage in the recruitment sector with ChinaHR.com's brand influence. At the same time, 58.com will use its platform advantage to support ChinaHR.com in product optimization and market expansion.
Founded in 1997, ChinaHR.com received a USD50 million investment from American Internet recruitment giant Monster.com, which held a 40% stake in the Chinese company, in 2015. At the beginning of 2006, Monster acquired an additional 5% stake for USD19.9 million and reached a valuation adjustment mechanism for IPO within three years with ChinaHR.com. In 2008, due to the failure of the VAM, Monster acquired the remaining 55% stake in ChinaHR.com for USD174 million and ChinaHR.com became a wholly-owned subsidiary of Monster.
However, despite the large investments of Monster for years, ChinaHR.com never stopped losing money. The Chinese company was acquired by Myjob for USD30 million in 2013.