Info Edge (India) Ltd, the parent company of Naukri.com said it will obtain Highorbit Careers that operates job portal iimjobs.com and hirist.com for cash consideration of Rs 80.82 crore.
With 23,000 job postings and 1.8 million job applications every month, iimjobs.com and hirist.com are leading recruitment platforms for premium job seekers in India.
“The company has agreed to acquire 100 per cent 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.
“Iimjobs has managed to carve a niche for itself and has built a great brand in the premium jobseeker community,” said Hitesh Oberoi, co-promoter, MD and CEO, Info Edge.
“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,” Oberoi added.
The transaction is expected to close by June 30.
Moreover, 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.”
Whereas, according to Info Edge, the combination of iimjobs strong brand proposition and Info Edge’s strong distribution network, enables Info Edge to better serve its recruiter clients and job seekers by tailoring its services to meet their requirements.