ANL buys UK leading online Jobsearch website
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Friday 12 March 2004
(London - 12 March 2004) Associated Newspapers, the national newspaper division of DMGT, announces the acquisition of Jobsite, the UK's leading multi-sector online job board, as part of its continuing strategy to develop a powerful portfolio of digital media properties.
The total cost is estimated at £36 million, including an initial payment of £32.2 million and further payments in 2007 depending on the performance of the business over a three year period.
In its most recent financial year to 31 December, 2003, Jobsite had revenues of £9.5 million and at that date had net assets of £3.0 million. It has been profitable for nine years and the acquisition is expected to be earnings enhancing before goodwill amortisation.
Andrew Hart, managing director of Associated New Media ('ANM') said: 'Jobsite is a rare gem, an online company that has been profitable for nine years thanks to the quality and experience of the management team. This acquisition is a key element of our strategy to build specialist vertical services online which complement our broad-reach print and online content products. Exposing the Jobsite brand to millions of our readers will advance their position as the leading online recruitment solution.'
Jobsite will become a fully owned subsidiary of Associated Newspapers and will continue to operate as a standalone operation.
The UK's online recruitment market continues to experience dramatic growth and is forecast to double in size by 2008 to £200 million. Online recruitment advertising revenues increased 43% year on year in the first three quarters of 2003 and the Internet has grown to 7% of the overall recruitment advertising market in the UK. This places DMGT in a perfect position to take full advantage of the growth in the online recruitment market.