Human resources firm Recruit agreed today to acquire online recruitment and employment assessment platform Glassdoor for $1.2bn, giving CapitalG, internet and technology group Alphabet’s growth equity arm, an exit.
Glassdoor has built an online platform that enables employees to anonymously leave feedback on the companies for which they work while also accessing newly listed positions.
The company had 59 million monthly active users as of January 2018, and reviews for more than 770,000 businesses that incorporate features such as photos, salary information and interview questions.
Post-acquisition, Glassdoor will operate independently as part of Recruit’s HR Technology division and will continue to be led by co-founder and chief executive Robert Hohman. Reports in February this year suggested it had been considering an initial public offering.
Glassdoor has raised $200m in equity financing since it was founded in 2007, its last funding coming in a $40m round led by T Rowe Price in 2016 that included CapitalG, Battery Ventures, Sutter Hill Ventures and Tiger Global Management, at a $1bn valuation.
The round came after a $70m series F led by CapitalG, then known as Google Capital, and backed by Battery Ventures, Tiger Global and Sutter Hill in 2015. The company’s earlier investors include DAG Ventures, Benchmark and Dragoneer Investment Group.
Hisayuki Idekoba (Deko), Recruit’s chief operating office and head of the HR Technology segment, said: “I am delighted to welcome Glassdoor to the Recruit Group. Glassdoor presents a powerful platform that is changing how people find jobs everywhere.
“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.”
Qatalyst Partners is financial adviser to Glassdoor for the transaction while Gibson, Dunn & Crutcher is providing legal advice. Goldman Sachs is Recruit’s financial adviser for the deal while Sullivan & Cromwell is being retained as legal counsel.