Mark Stoever is the Executive Vice President, Corporate Development and Strategic Alliances for Monster Worldwide.
Today marks a milestone for Monster, as we celebrate the official close of Monster’s acquisition of Yahoo! HotJobs. As promised when we announced our intention to acquire HotJobs earlier this year, this deal marks a major turning point in our ongoing effort to deliver on the growing and most urgent needs of both job seekers and employers.
We know our customers want efficiency to help them find the right candidates that are matched to meet their needs. Job seekers want access to the greatest number of job opportunities matched to their skills and passions. Today, it’s all about access to the largest relevant pool of possibilities along with the ability to efficiently surface the best possible matches. And with Monster’s acquisition of HotJobs, we can address those needs and deliver even more of what both seekers and employers want.
Along with the acquisition of HotJobs from Yahoo! we are entering into a three year commercial traffic agreement that will take effect immediately. As of today, Monster will become Yahoo!’s provider of career and job content on the Yahoo! homepage in the United States and Canada. This deal is a win for job seekers, our customers and our shareholders.
OK. I’m going to address the elephant in the room – many wonder if bigger is actually better at a time when niche sites are growing in popularity, employers and seekers are feeling overwhelmed , and the job board business model is evolving. I’d say yes – but only if bigger is paired with precision.
What everyone wants is relevance, the ability to quickly find what’s right for them. Scale becomes more meaningful when it is combined with the ability to find exactly what you’re looking for. This holy grail of precision and scale addresses the need for relevance heads-on. The largest pool of seekers and jobs, coupled with our 6Sense™ semantic search technology, provides unrivaled ability to match talent and opportunities.
This acquisition will create more customer relationships and access to significantly more candidates. Our technology brings them together with the best experience, in the most efficient way. The value of this concept is here to stay.
Monster and HotJobs customers will also benefit from the new source of seeker traffic. HotJobs brings added strength in healthcare, retail, insurance and finance. Monster customers will benefit from Yahoo!’s reach through an advertising relationship that will allow employers to put their message in front of millions of potential job candidates coming to Yahoo!
Monster and HotJobs customers include 97% of the Fortune 1000, offering a single source of job opportunities to seekers. We’ll also have more job postings than any leading online career site in 45 of the top 50 US cities, more job postings for employers in 19 of the top 20 industries in the United States and more job postings than any leading online career site in 21 of the top 23 occupations in the United States.
Effective today, Monster enters a transition period while the company builds an integrated site and product offering that will deliver the industry’s most complete recruitment and career seeking solutions. We are excited and proud to welcome HotJobs customers and employees to the Monster family:
About the author: Mark Stoever has been Executive Vice President, Corporate Development and Strategic Alliances since September 2008. Previously, he had served as Executive Vice President, Internet Advertising & Fees from July 2007 to September 2008 and as Senior Vice President, Internet Advertising & Fees from July 2005 to July 2007.
Prior to joining Monster Worldwide, Mr. Stoever served as Executive Vice President of Decision Matrix Group, an investment fund specializing in technology market research, from January 2005 to May 2005. Prior to that, beginning in 1996 he held various management roles at Lycos, Inc., a global Internet content and service provider, most recently as President and Chief Executive Officer from October 2002 to November 2004. Prior to Lycos, Mr. Stoever held management roles at ON Technology Corporation, a software company, from 1994 to 1996, and at Microcom, Inc., a modem technology company, from 1989 to 1994.