£328.6 million acquisition sees Monster remain a going concern
August Spawns A New Monster: Randstad’s acquisition of the Monster Corporation sees the continuance of the familiar brand. Image by Albert Ziganshin (via Shutterstock).
Only weeks after we advertised for a System Engineer at our Edinburgh base, we at Tabard IT have found out about the acquisition of a well-known jobs site. Monster, one of the few brands to have survived 1999’s Dot.com Boom, has been acquired by Randstad Holdings for €384m (£328.6m).
The online jobs site was founded in 1999 as a merger of The Monster Board and Online Career Center. In 2000, the company hit its peak with shares going for $91. Today, shares are valued at $8, a far cry from its boom years. The Amsterdam-based recruitment agency will retain the Monster Corporation’s brand and its intellectual property.
In recent times, Monster has hit the headlines over its security leaks and allegations of identity theft from job seekers’ accounts. It has been criticised for fake jobs listings and the use of agency vacancies. In spite of these criticisms, 2012 saw the Monster Corporation land a contract with the Department for Work and Pensions. Since then, they have run the Universal JobMatch website on behalf of the DWP. In its first year, there was already criticism over its advertised vacancies and potential security risks.
Randstad Holding was formed in the Netherlands in 1960 by Frits Goldschmeding and Ger Daleboudt. The nascent recruitment agency began in their student house whilst the two studied Economics at the VU University Amsterdam. Their first London branch opened in 1967. Today, they have 139 branches in the UK with 4,473 branches worldwide.
Timeline: Monster and Randstad
1960: Randstad founded by two Economics students Frits Goldschmeding and Ger Daleboudt in their student house as Uitzendbureau Amstelveen.
1963: name changed to Randstad Uitzendbureau, with the name reflecting its catchment area (Amsterdam, Utrecht, The Hague, and Rotterdam).
1965 – 70: Randstad’s international expansion begins; branches open in Brussels (1965), London (1967) and Dusseldorf (1968).
1996: Monster formed as The Monster Board by Jeff Taylor, as the internet’s first online jobs site. Randstad provides sponsorship for the 1996 Olympic Games in Atlanta.
1999: Monster merges with the Online Careers Center at the height of the DotCom Boom.
2000: Monster shares valued at $91: still the company’s highest figure to date.
2007: Monster introduces mobile job search and careers advice. Randstad acquires Vedior, giving the company a presence in Japan and Brazil.
2012: Monster wins the contract to run the DWP’s Universal JobMatch website.
2016: Randstad acquires Monster Corporation for €384m.