Daily Mail group acquires Jobsite

Associated New Media (ANM), a division of Associated Newspapers Ltd (DMGT), the publishers of the Daily Mail, today announced it has acquired Jobsite, the UKís leading multi-sector online job board, as part of its ongoing strategy to develop a powerful portfolio of digital media properties.

The 35 million deal represents a strategic move for both parties and will see the Jobsite business continue to operate as a standalone operation. Both recruiters and job-hunters will benefit from the combined resources and skills offered by the two companies.

The benefits DMGT bring will accelerate Jobsiteís growth, according to Keith Potts, managing director of Jobsite. ìWe share a clear picture of the digital future for recruitment advertising. By joining forces with a FTSE 100 media player we will create the market leading online recruitment company. With more and more recruiters using both print and Internet to fulfil their recruitment needs, this partnership will enable us to offer a more complete solution.î

ìJobsite is a rare gem, an online company that has been profitable for 9 years thanks to the quality and experience of the teamî commented Andrew Hart, managing director of ANM. ìThis acquisition is a key element of our strategy to build specialist vertical services online which complement our broad-reach print and online content products. Exposing the Jobsite brand to millions of our readers will advance their position as the leading online recruitment solution. This deal is a demonstration of ANMís serious intention in the online classified marketplace.î

The UKís online recruitment market continues to experience dramatic growth and is forecast to double in size by 2008 to 200m. Online recruitment advertising revenues increased 43% year on year in the first three quarters of 2003 and the Internet has grown to 7% of the overall recruitment advertising market in the UK[1]. This places DMGT in a perfect position to take full advantage of the growth in the online recruitment market.

The deal will see Jobsite become a fully owned subsidiary of Associated New Media. CCP Ltd, the specialist staffing corporate finance boutique initiated and coordinated the acquisition.