Dice Holdings buys The IT Job Board from SThree
25 July 2013
US-based Dice Holdings has bought Jobboard Enterprises, the corporate entity of The IT Job Board (ITJB), from international staffing specialist SThree.
Thu, 25 Jul 2013US-based Dice Holdings has bought Jobboard Enterprises, the corporate entity of The IT Job Board (ITJB), from international staffing specialist SThree.
The purchase represents a new strategic drive into Europe for Dice, which is currently represented in the UK by eFinancialCareers and the Rigzone oil and gas careers site. In the US, the holding company’s flagship is technology and engineering recruiting and careers development site Dice.com.
An announcement yesterday revealed the purchase price of ITJB as an initial cash consideration of £9.2m (including £1.2m of cash transferred with the business) plus a further £3m, dependent upon “the achievement of certain financial targets” ending in 2014.
The terms of the sale were announced yesterday, that it had acquired the outstanding shares of Jobboard Enterprises. ITJB was described in yesterday’s announcement as a “small non-core part” of SThree’s business.
Speaking to recruiter.co.uk yesterday, Dice executive vice president of the organisation’s Industry Brands Group and chief financial officer Mike Durney said that the ITJB leadership team, including managing director Alex Farrell, would transfer with the company under its new ownership.
Durney also told recruiter.co.uk that a greater drive into Europe had been “a priority for a long time, and we had been looking for the right way to do it”. He added: “We really think we can do some great things.”
Cavendish Corporate Finance were advisers to SThree on the deal.
Dice will then look into further expansion beyond Europe, Durney said.
The purchase represents a new strategic drive into Europe for Dice, which is currently represented in the UK by eFinancialCareers and the Rigzone oil and gas careers site. In the US, the holding company’s flagship is technology and engineering recruiting and careers development site Dice.com.
An announcement yesterday revealed the purchase price of ITJB as an initial cash consideration of £9.2m (including £1.2m of cash transferred with the business) plus a further £3m, dependent upon “the achievement of certain financial targets” ending in 2014.
The terms of the sale were announced yesterday, that it had acquired the outstanding shares of Jobboard Enterprises. ITJB was described in yesterday’s announcement as a “small non-core part” of SThree’s business.
Speaking to recruiter.co.uk yesterday, Dice executive vice president of the organisation’s Industry Brands Group and chief financial officer Mike Durney said that the ITJB leadership team, including managing director Alex Farrell, would transfer with the company under its new ownership.
Durney also told recruiter.co.uk that a greater drive into Europe had been “a priority for a long time, and we had been looking for the right way to do it”. He added: “We really think we can do some great things.”
Cavendish Corporate Finance were advisers to SThree on the deal.
Dice will then look into further expansion beyond Europe, Durney said.
- A separate Dice Holdings announcement yesterday disclosed that Durney will succeed Scott Melland as the organisation’s president and chief executive officer on 30 September.
