Tokyo-headquartered Recruit Holdings has acquired Australian IT recruiting firm Peoplebank.
The two companies announced the acquisition yesterday evening. Under the deal, Australian-based Recruit Holdings subsidiary RGF Staffing Melbourne one will acquire 100 per cent of Peoplebank.
"Peoplebank is a very strong business," the Australian recruiter's CEO, Peter Acheson, said in a statement.
"In the past few years we have increased market share and have grown the business into Asia, by creating a business culture that encourages our staff's passionate commitment to their work.
"This strategy aligns perfectly with Recruit Holdings' mission of 'Meet your opportunity' — helping individuals to shine through access to jobs, education and other services."
There will be no changes to staff or processes as a result of being acquired, according to the recruiter.
Peoplebank had consolidated group net sales of $521,998,000 for the financial year ending June 2014 and consolidated EBITDA of $14,173,000.
"As part of the Recruit Holdings family, Peoplebank will have the resources to partner with clients on major projects and new business models," Acheson said.
"We also gain access to best-practice IP to help amplify our growth strategies and, ultimately increase Peoplebank's lead as recruiter of choice in our markets." In addition to Australia, Peoplebank operates in Hong Kong, Malaysia, Singapore and Indonesia. The company was founded in 2007.
A Recruit Holdings document setting out the rationale for the acquisition states: "The Company’s long term vision is to become the world’s leading HR media and staffing business by 2020 and operate the world’s leading matching platform in all business domains that the Recruit Group operates in by 2030, including the marketing media business.
"To achieve this, we are seeking to grow our business platforms organically and inorganically both in Japan and abroad through acquisitions, using the steady flow of cash generated by our existing domestic businesses. This acquisition is one of such efforts in the staffing business."
Recruit Holdings also last night revealed it had entered an agreement to acquire Australian HR services firm Chandler Macleod subject to shareholder and regulatory approval.