Press Release…

Randstad NV, the world’s leading talent company, has reached an agreement to form a joint venture combining its job board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of Apollo (the “Apollo Funds”).

The combination of Monster and CareerBuilder brings together two strong, trusted and complementary brands to create a job board with greater scale and reach. As the world of work continues to evolve, this combination will allow both businesses to benefit from shared resources and solutions to deliver greater value and opportunities to both talent and employers. Together, both companies can more effectively respond to prevailing trends in the market to deliver enhanced growth.

Under the terms of the agreement, existing CareerBuilder investors, including Apollo Funds, will collectively hold a controlling interest in the joint venture, and Randstad will hold a minority equity interest. The transaction has no material financial impact for Randstad. The management team of the combined entity will comprise senior leaders from both companies. Additional decisions regarding the combined company, including branding, will be determined in due course.

The agreement is subject to customary regulatory approvals, and the transaction is expected to be completed in the third quarter of 2024.

Scott Gutz, CEO of Monster, said: “Through the combination of Monster and CareerBuilder we bring together two trusted brands and best-in-class solutions to create a stronger job board for our talent and employers. Together we are well positioned to benefit from the rapid growth and evolution we are seeing in the talent acquisition space to help both candidates and employers find the right fit.” 

Jeff Furman, CEO of CareerBuilder, said: “We are thrilled to make this announcement; bringing together two industry leaders to create a force in the market. This strategic move will harness the strengths and expertise of both organizations, enabling us to deliver even greater value to our customers and stakeholders. By uniting our innovative teams and leveraging our complementary capabilities, we are poised to help shape the future of the industry. Together we are stronger and better equipped to meet the evolving needs of the marketplace.”