Mergers and Acquisitions
Japanese HR services provider Recruit Holdings said on Wednesday it has agreed to buy popular California-based job site operator Glassdoor for $1.2 billion to tap into its database of company reviews and salary data.
Privately held Glassdoor, founded in 2007, last raised funds in 2016, valuing the company at $1 billion. It counts billionaire Chase Coleman’s hedge fund Tiger Global Management, Google Capital, and T. Rowe Price among its investors.
Buying Glassdoor will expand Recruit’s reach in the United States, a market it tapped through its acquisition of Connecticut-based job search site Indeed in 2012.
“Glassdoor’s database of employer information and the job search capabilities of Indeed complement each other well,” Recruit’s chief operating officer, Hisayuki Idekoba, said in a statement.
Glassdoor will continue to be led by its current chief executive and co-founder, Robert Hohman, Recruit said.
Recruit will fund the deal with cash on hand and expects it to close during the July-September quarter, subject to regulatory approvals.
Earlier this year, Bloomberg reported, citing people familiar with the matter that Glassdoor was interviewing banks to advise on an IPO expected in the second half of the year.