Tuesday, February 05 12:50:54
Dublin-based global recruiter, Saongroup and New York-based Monster Worldwide, have announced that Saongroup has acquired ChinaHR.com, Monster's Chinese operation for an undisclosed sum.
Monster Worldwide will retain a ten per cent shareholding in the combined China business of Saongroup.
The agreement takes place with immediate effect.
The combination of Saongroup's Chinese operation and ChinaHR creates an entity of exceptional strength and reach in the online recruitment market in China, the Irish firm said.
Saongroup already has a comprehensive national network of offices and websites in tier two, three and four cities throughout China. The addition of ChinaHR boosts this network to almost 200 cities across the country, whilst also giving it a strong presence in the tier one cities of Beijing, Shanghai, Guangzhou and Shenzhen.
"ChinaHR is an excellent match with Saongroup China. Its blue chip client list and strong tier one city presence complements Saongroup's robust online platform and pan-China reach. The acquisition of ChinaHR repositions Saongroup as a market leader and leaves us well positioned to accelerate our growth in the Chinese market," said Ciaran McCooey, Group Chief Executive Officer, Saongroup.
"We have previously announced our intention to divest our operation in China and we are pleased to have found the right partner in Saongroup," said Sal Iannuzzi, Chairman, President and Chief Executive Officer, Monster Worldwide. "By retaining a minority stake in the combined operation, we will be able to continue to serve our global clients with powerful recruiting technology solutions in China."
"This initiative will enable us to build on the existing combined positions of strength and we look forward to working together to develop our business in China further," said Ciaran Lally, CEO, Saongroup Asia. "We very much look forward to welcoming ChinaHR's staff into our team and in particular to engaging and working with our new customers. We also look forward to continuing to work with Monster into the future."