Australian IT recruiting firm, Peoplebank Holdings, has been bought Japan's largest staffing company, Recruit Holdings, in a bid to expand into the region.
The $68.6 million acquisition reflects Recruit Holding's vision of becoming the world’s leading integrated HR service provider by 2020, according to a company statement.
Under the terms of the agreement, all Peoplebank companies have been fully acquired by Recruit Holdings from private equity majority shareholder, Navis Capital, and Leon Lau, retiring founder and chairman.
The recruiter will maintain its existing staff and processes and there will be no change during the transition to its new parent.
To date, the Recruit Holdings international business growth has been largely through acquisitions - including of The CSI Companies, Staffmark and Advantage Resourcing which yielded a significant US and UK footprint.
"Recruit Holdings sees Peoplebank as the platform for its expansion across the region," according to a company statement.
"It's deep experience in the recruitment sector globally with Peoplebank's business experience and customer base in the region."
Peoplebank chief executive, Peter Acheson, said his company had a very strong business.
"In the past few years we have increased market share and have grown the business into Asia, by creating a business culture that encourages our staff's passionate commitment to their work," he said.Read more:Modest ecomonic growth signals demand for IT skills: Peoplebank
"This strategy aligns perfectly with Recruit Holdings' mission of 'Meet your opportunity' - helping individuals to shine through access to jobs, education and other services."
Acheson said Peoplebank would now have the resources to partner with clients on major projects and new business models.
"We also gain access to best-practice IP to help amplify our growth strategies and, ultimately, increase Peoplebank's lead as recruiter of choice in our markets," he said.
"Peoplebank sees this development as a giant step on our journey of success: and we are looking forward to sharing its benefits with our staff, candidates and, importantly, our customers in the months ahead."Read more:IT WORKPLACE: Winds of change