2013-01-25 12:59:36 - In a all cash deal spread across the period of five years, CandyDate Jobs has sold 100% equity in the company for US $190 million to a Malaysia based PE firm.
CandyDate Jobs, once the India’s best private human resource consultancy is being acquired a Malaysia based undisclosed private equity (PE) firm for US $190 million or INR 1025 crore. The price being offered by the PE firm is approximately 13.41% more than the current valuation of the company on the Exhilway Private Capital Market (EPCM), a platform which enables private companies to raise capital and build market capitalization ahead of their IPO’s.
The management will continue to handle the business operations for the next five years. The payment of US $190 million or INR 1025 crore will be divided into five years with the first US $38 million coming by the end of year 2013. The promoters are free to invest
the money back into the business or withdraw for their other personal or commercial use.
CandyDate Jobs, which had closed down business operations in the year 2011 amid losses and the poor management is now committed to revive and emerge as India's most innovative human resource consultancy. CandyDate Jobs will now take on online mammoths like timesjobs and monster.
CandyDate Jobs has a registered user base of 3 million, the database generally includes the data of India based graduates and postgraduates only, hence the quality of the database is regarded better than other job portals operating in India.
CandyDate Jobs has built its user base by visiting several colleges and institutes.The data is said to be audited every quarter to check repetition and wrong contact details.
“Data constitutes the backbone of our business, if the quality of the data is poor we cannot bring good business to the table and the business valuation will hence suffer,” said Tarun Gupta, Director of CandyDate Jobs.
CandyDate Jobs will foray into e-commerce followed by a job portal. The company will also hire close to 160 people by the end of 2013.