Info Edge (India) Ltd, the parent company of online job portal Naukri.com, has announced that it will acquire Highorbit Careers in an all cash deal worth ₹80.82 crore Highorbit Careers operates popular job portals hirist.com and iimjobs.com.
Founded nine years ago by Tarun Matta, an IIT-IIM alumnus, Highorbit’s iimjobs.com caters to the job needs of those graduating from institutions such as IITs and IIMs.
“The company has agreed to acquire 100% share capital on a fully diluted basis. Post the completion of the acquisition, iimjobs will become wholly-owned subsidiary of the company,” Info Edge said in a BSE filing.
It added that iimjobs’ brand proposition combined with Info Edge’s distribution network would enable Info Edge to better serve its recruiter clients and job seekers by tailoring its services as per their requirements.
The BSE filing also stated that the proposed acquisition would help the Info Edge company to further consolidate its position in the online recruitment solutions segment where its flagship brand Naukri.com already has an established leadership position.
Info Edge was established about 20 years ago when the internet had just started to boom. It has more than 69 million registered job seekers on its platform. It also offers products such as Resume Database Access, Job Postings and Response Management Tool to its pool of more than 76K corporate clients. It claims to have at least 475K active jobs available at its platform.
Hitesh Oberoi, copromoter, MD and CEO of Info Edge said that iimjobs had managed to carve a niche for itself and had built a great brand in the premium job seeker community.