TOKYO -- Recruit Holdings said on Wednesday it has agreed to buy U.S. job search website Glassdoor for $1.2 billion in an all-cash transaction, marking the latest overseas purchase by a Japanese company.
The deal is Recruit's third-largest acquisition, and the biggest since its 2016 takeover of Dutch staffing firm USG People for 1.42 billion euros ($1.68 billion). The Tokyo-based staffing and human resources company has accelerated its overseas acquisitions in recent years, buying U.S. job search engine Indeed in 2012.
Glassdoor, launched in 2008, lets employees review companies and share information like salaries. It has quickly become one of the largest job sites in the U.S., attracting 59 million visitors monthly who post reviews and insights on 770,000 companies worldwide. U.S. investment funds Tiger Global Private Investment and Benchmark Capital Partners are among its biggest shareholders.
"Glassdoor presents a powerful platform that is changing how people find jobs everywhere," said Recruit's Chief Operating Officer Hisayuki Idekoba in a news release.
The acquisition allows Glassdoor "to accelerate its innovation and growth to help job seekers find a job and company they love while also helping employers hire quality candidates," said Robert Hohman, Glassdoor's CEO and co-founder.
The deal comes hot on the heels of Takeda Pharmaceutical's $62 billion deal announced on Tuesday to acquire Ireland-based drugmaker Shire, the largest overseas acquisition by a Japanese company.