hotrecruit.com has carried out a reverse take over of Rexonline plc. The directors of the hotgroup will take control and rename the enlarged group the hotgroup plc. The enlarged group has been valued at approximately 12.7 million and its shares will be traded on the Alternative Investment Market (AIM).
The combination of these two online recruitment businesses is excellent news for shareholders and customers alike. Online recruitment has fast become a cornerstone of Internet use; the critical mass, combined offering and economies of scale will ensure that the merger positions the hotgroup as one of the top five players in the UK online recruitment industry, said Tony Reeves, executive chairman of the hotgroup.
The future of online recruitment lies in offering tailored services to niche markets and in that respect the hotgroup will capitalise on the marketís rapid growth.
By taking one of the most established and best known online recruitment companies and combining it with one of the freshest and most successful niche players, I am thrilled, as CEO of the newly formed hotgroup, to be taking the company forward into a very exciting future. Harvey Sinclair, CEO of the hotgroup.
Online recruitment is a very young industry and the recent downturn in the recruitment industry has created an excellent opportunity to consolidate, says departing Rexonline CEO Simon Hersh. hotrecruit is an excellent brand aimed at a different market to Jobtrack, Jobsearch and Jobmagic so the opportunity to acquire it will not in any way cannibalise existing sales whilst allowing economies behind the scenes. Furthermore, the combined unique usership of the new group will exceed 300,000 per month, so offering great opportunities for existing customers. The future for the group looks very exciting!
www.hotrecruit.com
Hotrecruit and Rexonline in reverse take over deal
The newly named hotgroup valued at 12.7 million
