Dice Goes Financial
The City job site eFinancialCareers.com, which is owned by eFinancialGroup, the publisher of Financial News, has been sold to US-based web recruitment specialist Dice Inc. for about £48m.
Dice Inc. runs a number of niche recruitment websites in the US, including a recruitment site for technology professionals and a site devoted to jobs requiring government security clearance.
Private equity firms Quadrangle Capital Partners and General Atlantic Partners acquired Dice Inc. for an estimated $200m in July last year. It is understood that Dice's bid for eFinancialCareers.com has received shareholder approval and the deal is now unconditional.
The sale is likely to net large cash windfalls for Angus Macdonald, the chief executive of eFinancialGroup, and Sir Richard Storey, former chief executive of Portsmouth and Sunderland Newspaper Group, who is thought to own a 10pc stake.
The group is also in the process of selling Financial News, the investment banking weekly, to US-based Source Media, for about £25m.
Comments
This brings back the old question of what is the future of job boards... will the little guys be swallowed up by the big boys, and compete with other little guys (but with better funding and resources)? Or, with all the talk about Google's movement further into this realm, will boards still be around in 5-10 years? I know as a job seeker it is frustrating to have to try and track dozens of diff job boards (out of the 40,000 boards available!)... :S
Posted by: Jason Alba | October 7, 2006 7:32 PM