Marin County-based Glassdoor on Wednesday said it has agreed to be acquired by Recruit Holdings Co., Ltd., for $1.2 billion in cash.
It would be the largest North Bay company acquisition since the $800 million deal in September 2016 for Novato-based Raptor Pharmaceutical, which has since relocated out of the region. And this would join a rare club of North Bay billion-dollar deals that includes Napa’s Robert Mondavi Corp. in 2004 and Petaluma’s Cerent in 1999.
Glassdoor is a job and recruiting company that has sought to differentiate itself by providing greater workplace transparency. Recruit Holdings, a Japanese-based human resources company, plans to operate Glassdoor as a separate part of its growing HR Technology business segment.
"Glassdoor has transformed how people search for jobs and how companies recruit, said Robert Hohman, Glassdoor CEO and co-founder. "Joining with Recruit allows Glassdoor to accelerate its innovation and growth to help job seekers find a job and company they love while also helping employers hire quality candidates. I look forward to leading Glassdoor through this exciting new chapter, and to exploring ways to use our combined resources and assets to benefit job seekers, employees and employers once the deal closes."
Hohman will continue at the helm of Glassdoor. The transaction is expected to close this summer, subject to approvals and conditions.
"Glassdoor presents a powerful platform that is changing how people find jobs everywhere," said Hisayuki "Deko" Idekoba, chief operating officer of Recruit and head of its HR Technology segment. "Glassdoor is an impressive company with strong leadership, mission, products, clients and employees. We are excited to help them continue to grow and deliver value to the job-seekers and employers they serve."
Launched in 2008, Mill Valley-based Glassdoor claims it is one of the largest job sites in the U.S., with 59 million visitors to its platform each month.
Glassdoor said it offers data on more than 770,000 companies in over 190 countries. That is said to include more than 40 million reviews and insights such as company reviews, CEO approval ratings, salary information, interview questions and office photos.
In addition, Glassdoor said it sells recruiting services to more than 7,000 employers, including 40 percent of the Fortune 500.
Founded in 1960, the Recruit Group creates platforms that connect companies and consumers. Headquartered in Tokyo, the group offers HR technology, recruitment advertisement, employment placement, staffing, housing and real estate, bridal, travel, dining, beauty and others. The group has more than 45,000 employees and operates in more than 60 countries.
Qatalyst Partners is acting as exclusive financial adviser to Glassdoor and Gibson, Dunn & Crutcher is its legal adviser. Goldman Sachs & Co. LLC served as exclusive financial adviser and Sullivan & Cromwell provided legal counsel to Recruit.