Monster acquires Korean online recruitment leader JobKorea.co.kr

Monster Worldwide, parent company of Monster, the global online careers and recruitment resource, today announced the acquisition of JobKorea (www.jobkorea.co.kr), the premier online recruitment web site in South Korea serving more than three million registered users. The aggregate cash purchase price was approximately $94 million, net of cash acquired.

The strategic acquisition of JobKorea, the largest recruitment web site in South Korea, gives Monster the leading presence in one of Asia’s largest online markets and combines two Internet leaders committed to expanding online recruitment throughout Asia. The transaction strengthens Monster’s leadership position in the online recruitment market across Asia and expands upon the Company’s strategy of leveraging Monster’s industry leadership, experience and resources globally.

The acquisition of JobKorea marks a significant step in Monster’s global expansion strategy and immediately establishes us in one of Asia’s fastest growing markets, said Andrew J. McKelvey, Chairman and CEO of Monster Worldwide. JobKorea’s strong category leadership, efficient eCommerce model, and proven track record of execution are powerful assets that will greatly contribute to Monster’s continued growth in the Asia Pacific region.

This transaction follows Monster’s strategy of expanding its reach, global footprint and capabilities in key Asian countries that represent a growing force in the world’s employment markets. South Korea represents the seventh largest Internet market in the world with more than 32 million people online; approximately 70% of the nation’s population actively uses the Internet and more than 85% of Korean Internet users have broadband access. Monster’s current Asian operations serve India, Singapore and Hong Kong, and the Company holds a 40% equity investment in ChinaHR.com, which serves the region’s largest and fastest growing Internet economy.

We worked hard to establish JobKorea as Korea’s number one recruitment web site, said Hwa-Soo Kim, CEO of JobKorea. This marks both a milestone and an evolution for our business, employees, and users. Most importantly, we believe that employers and job seekers in Korea will benefit from aligning with Monster, the world’s leader in online recruitment.

Founded in 1996, JobKorea is expected to generate revenue of approximately $15 million in 2005, on a profitable basis. Monster Worldwide currently anticipates that the acquisition will be immediately accretive to free cash flow and will contribute approximately $6 million to $7 million in EBITDA in 2006.

www.jobkorea.co.kr