CV-Online (www.cveurope.com), the professional online recruitment services provider in Central and Eastern Europe, has appointed Norrie Sinclair as its new CEO. He follows the existing CEO Jrgen Tamm, co-founder of the company and CEO since 1996, who will take on a new role as VP of Product Development.
Norrie Sinclair joins CV-Online with 11 years of experience in the recruitment industry in both the UK and Central Europe. Until recently he was responsible for developing and managing Nicholson International's network in Central Europe and Turkey.
At the same time CV-Online announced it has secured EUR 3 million in its second round of financing. The investment was led by 3TS Venture Partners AG, the leading regional venture capital fund and a joint venture between 3i Technologieholding and Sitra. Joining 3TS were seed-round investors Esther Dyson (www.edventure.com) from the USA and LHV Ventures (www.lhvventures.com) from Estonia, who last January (2000) invested over EUR 600,000 into the company.
Commentary on New CEO
Norrie Sinclair said: The recruitment industry is high-growth, fast moving and provides a great environment to work in. Recruitment is one of the fastest-growing business sectors in developed markets like the UK. It is growing and modernising even faster in Central and Eastern Europe, though from a smaller base. Online technology provides tremendous advantages in cost, efficiency and speed. By combining this with the added-value services that traditional recruiters provide we will revolutionise the recruitment, HR services and recruitment media sector in Central and Eastern Europe.
Today, with over 100 employees in 7 countries, CV-Online is the leading professional online recruitment company in Central Eastern Europe. I'm really happy to find someone with Norrie's great qualities who can take us forward, said Jrgen Tamm, the founder and CEO until present day.
We are confident, that the appointment will allow us to take CV-Online to the next level and successfully implement our vision as the leader of professional online recruitment in the region and across Europe, commented Jri Kaljundi, chairman and co-founder of CV-Online. His thorough understanding of the recruitment industry and regional management experience will help to deliver exceptional value to our customers, employees and shareholders.
Commentary on new funding
Michael White, the CEO of 3TS Venture Partners, said: CV-Online is an impressive company founded and developed originally in Estonia and now clearly the largest online recruitment enterprise across the entire region of Central and Eastern Europe. Few companies have been able to cross borders so readily although many claim this as their objective. 3TS was highly attracted by the vision and industry knowledge of the founders and the new CEO, who can make CV-Online the leading vertical HR portal offering sector recruitment and tools for the rapidly growing HR community in this region.
For the returning seed-round investors, Esther Dyson said: We're delighted to have a strong partner and a new CEO joining us for this second round. The company has a history of profitability in its core market. We want to maintain that solid base even as we use this new money to finance growth in our new markets. We see a huge opportunity in Central and Eastern Europe not just for a more efficient labour market, but also for tools and services to increase employee skills and HR productivity.
www.cveurope.com
CV-Online receives EUR 3.0m from investors and appoints new CEO - 03/2001
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