Human resources provider 51job has agreed to pay $119m in cash for a 60% stake in Lagou, the China-based online recruitment platform backed by media group Bertelsmann.
Founded in 2013, Lagou runs an online recruitment site with about 14 million registered users. The company, which focuses on engineering and technology positions, intends to launch an initial public offering in the US in 2019, according to the South China Morning Post.
Decent Ventures and ZhenFund supplied an undisclosed amount of funding for Lagou before Bertelsmann invested $5m in March 2014, before Bertelsmann subsidiary Bertelsmann Asia Investments returned for Lagou’s $25m series B round five months later.
The series B round also featured Qiming Ventures, the venture capital firm that returned for the company’s $34m series C round in March 2016.
Rick Yan, president and CEO of 51job, said: “The addition of the Lagou platform further expands and deepens 51job’s HR services ecosystem for both employers and job seekers alike.
“Combining Lagou’s targeted strengths in the technology vertical with 51job’s extensive sales resources and large user base, we are excited about opportunities to enhance the recruitment experience and improve hiring effectiveness in this important industry segment.
“Lagou’s founding team and management will continue to drive its rapid growth and development, and we look forward to exploring strategic business synergies together.”