Saongroup buys Monster's operations to expand in China
IRISH-based global online recruitment company Saongroup has bought the Chinese operation of recruiter Monster Worldwide.
The New York-based Monster group will retain a 10pc shareholding in the combined Chinese business of Saongroup.
Businessman Denis O' Brien holds a 75pc shareholding in Saongroup and its chairman Leslie Buckley holds the remaining 25pc.
It already has a comprehensive national network of offices and websites in several Chinese cities.
The addition of ChinaHR. com boosts the network to almost 200 cities across the Asian country.
The terms of the deal have not be disclosed.
Ciaran McCooey, Saongroup group chief executive, told the Irish Independent that the acquisition would help the company secure a presence in the country's major cities, including Beijing, Shanghai, Guangzhou and Shenzhen.
"We're very excited about it. It positions Saongroup for significant growth in the Chinese market. It brings with it a strong client list in blue chip companies.
"It has really positioned us in the tier one cities of Beijing, Shanghai, Guangzhou and Shenzhen, the mega cities.
"Our own business had a very strong presence in the tier two and three cities outside of that, but we weren't servicing the tier ones. It gives us a pan China presence now, which is excellent," he said.
The acquisition will bring Saongroup's total workforce to more than 3,000. Monster Worldwide said they had found the right partner in Saongroup China.
Sal Iannuzzi, chairman, president and chief executive of Monster Worldwide, said: "By retaining a minority stake in the combined operation, we will be able to continue to serve our global clients with powerful recruiting technology solutions in China."
Saongroup has operations across four continents and websites live in 30 countries. Every month, the group's websites record visits in excess of 25 million.
Mr McCooey said the acquisition leaves Saongroup well positioned to accelerate growth in the Chinese market.
Monster has a presence in more than 40 countries.