Monster announces sale of APAC business to strengthen focus on North America and European Markets
Jan 31, 2018, 10:34 ET
WESTON, Mass., Jan. 31, 2018 /PRNewswire/ -- Monster Worldwide, Inc. announced today that it will divest its APAC business to double down on its focus on its North America and Europe businesses.
Monster—the leading solution for connecting jobs and people—has agreed to sell its business in India, South East Asia and the Middle East to Quess Corp Limited (BSE: 539978, NSE: QUESS), India's leading integrated business services provider. Established in 2007, Quess has 65 offices across 34 cities in India, along with an overseas footprint in North America, the Middle East and South East Asia. The APAC and Gulf business of Monster will continue to operate as a separate and independent entity under the Monster name within Quess, subject to a licensing agreement from Monster Worldwide. Terms of the deal were not disclosed.
"We are pleased we found a partner in Quess that will continue to nourish the brand and grow this business while allowing us to put a dedicated focus on growing our businesses in North America and Europe," said Monster Worldwide Chief Financial Officer Robert Gibney. "The divestment is a portfolio decision that now allows us to do more in our core markets while maintaining the brand awareness in the region—making this a win-win for all."
Quess will move forward with the Monster leadership team, which is a testament to the great work they have done. We thank Sanjay Modi, Managing Director, APAC & Gulf for his more than 17 years of terrific contributions, his help easing this transition to Quess and his commitment to continue to see out our vision in the region. We look forward to positioning our partnership with Quess for the long run and fostering a strategic global relationship for years to come.
"We are excited to announce the acquisition of Monster's business across India, South East Asia and the Middle East," said Ajit Isaac, Chairman and Managing Director of Quess Corp."This acquisition complements Quess's market leading presence in the HR services space and helps establish end-to-end offerings across the Employee Lifecycle Management space. The investment is typical of our philosophy of backing strong management teams and finding them a permanent home in Quess while creating long term value for our shareholders and clients."
The majority of the Monster Worldwide employees in the region will transfer to the new organization, with the exception of those at the Technology Centre in Kuala Lumpur, and, in India, some tech and product employees as well as a strategic US outbound sales team in India who will be retained.
The transaction is subject to customary closing conditions and is expected to close in the first quarter.
About Monster
Monster Worldwide is a global leader in connecting people and jobs. For more than 20 years, Monster has helped individuals find better jobs, and employers find the best talent. Today, Monster continues its pioneering work of transforming the recruiting industry with advanced technology using intelligent digital, social and mobile solutions, including our flagship website Monster.com®, our innovative app, and a vast array of products and services. Monster is a digital venture owned by Randstad North America, a subsidiary of Randstad Holding, a $26 billion (US) global provider of HR services.
About Quess Corp
Quess Corp Limited (BSE: 539978, NSE: QUESS), established in 2007, is India's leading integrated business services provider. Based out of Bengaluru, Quess today has a Pan-India presence with 65 offices across 34 cities along with overseas footprint in North America, the Middle East and South East Asia. It serves over 1700+ customers across 4 segments namely, Global Technology Solutions, People & Services, Integrated Facility Management and Industrials. Quess has over 240,000 employees (including Manipal Integrated Services and Terrier Security Services) and market cap of approx. INR 14,800 Crores as on December 22, 2017. For further details on Quess Corp Ltd. please visit: http://www.quesscorp.com
SOURCE Monster Worldwide, Inc.