DHI Group just announced the sale of its health job site, Heath eCareers via press release this morning. j2 Global is the new owner. According to the release, the purchase price was $15 million.
NEW YORK, Dec. 4, 2017 /PRNewswire/ — DHI Group, Inc. (NYSE: DHX) (“DHI” or the “Company”), a leading online career resource and talent acquisition platform for technology professionals and other select professional communities, today announced that it has sold its Health eCareers business to Everyday Health Professional, a subsidiary of j2 Global, for approximately $15 million in cash. The transaction closed on December 4, 2017 and DHI will use the proceeds to reduce the balance on its revolving credit facility and support strategic initiatives.
DHI previously announced its intention to divest four of its non-tech businesses in May 2017 as part of a strategy to focus on tech and helping technology professionals manage their careers. Consistent with its strategy, DHI continues to pursue the divesture of its remaining non-tech businesses.
“This is a great fit for Health eCareers, joining one of the leading providers of digital health marketing and communications solutions targeted to healthcare professionals. While already successful, Health eCareers will no doubt thrive by being under the same roof as Everyday Health Professional,” said Michael Durney, President and CEO of DHI Group, Inc. “We are pleased with the outcome of this transaction, as it helps to advance DHI’s strategic goal of becoming the leading provider of talent acquisition and career management solutions focused on tech professionals, which we believe will ultimately enhance DHI shareholder value.”
The news is surely a relief to DHI whose stock is currently under $2 a share. I read just last week that some stock analysts had upgraded the stock to a hold, no doubt the $15 million bucks will help with that new analysis.
Healthecareers is located in Colorado and has around 50 employees. The new owner, j2 Global is a publicly traded cloud services, unified communications, and digital media company offering a patented suite of tools to consumers and the Fortune 500. j2 also owns a host of popular digital media publications under its Ziff-Davis division.
The site itself has over 400k monthly visitors according to Similarweb. They also claim 6,000 employers as clients along with 2.6 million registered health professionals. Health eCareers was founded by Bryan Bassett in 1993.