Recruiter ChinaHR announces €30m investment
Recruitment firm ChinaHR has announced a €30m investment as part of a trade mission to the region.
The company’s core Chinese business is forecast to grow by 60pc this year, having placed 1m jobs and the investment will be largely in its technology which is being ramped up to target the growing smartphone and tablet recruitment market as job seekers change their search habits.
Funds will also be used to expand staffing levels at the company.
"We are delivering cutting edge technology solutions to the Chinese market and are putting a team in place that will drive the company’s growth," said Andrew North, chief executive at ChinaHR
ChinaHR, formerly Saon, sold its European operations to Stepstone for around €76m last year
Businessman Denis O'Brien owns 75pc of the recruiter, and Leslie Buckley the other 25pc.
"The Chinese economy is still strong, growing at approximately 7pcper annum," said Leslie Buckley, chairman of the company.
"This is good news for ChinaHR, as we continue to develop the future growth of the business."
"Our latest investment will continue to strengthen Ireland’s business relationship with China as well as contributing towards the further development of a leading edge online recruitment offering for China," he added.
Enterprise and Jobs minister Richard Bruton said: “At the heart of our strategy for jobs and growth is supporting innovative Irish companies selling their goods and services in high-growth foreign markets like China.
"Today’s announcement by ChinaHR that it is investing €30m in its operations in China is very welcome news. Increased exports by companies like ChinaHR in China ultimately supports increased employment in Ireland. I wish them every success with this project.”
The company employs 2,600 staff in 26 cities across China, though it has a reach into 180 cities.
The acquisition of rival Monster.com in early 2013 catapulted ChinaHR into one of the top three slots competitive Chinese recruitment market
While further buyouts may be on the cards, the sheer size of the Chinese jobs market means that there are enormous opportunities for organic growth.
ChinaHR also offers turnkey services for recruiters seeking graduates or specially targeted recruitment.
The company recently made a major investment in the mobile space and is set to launch a platform which will enable jobseekers to apply for positions using their phones.
China's technology boom – highlighted by the popularity of social media giants like Weibu, WeChat and QQ – has helped boost ChinaHR's business. The company is also looking at expanding its offering in the financial services sector.
A number of Irish companies have travelled to China as part of the trade mission which is being headed up by enterprise minister Richard Bruton.