Jobline international acquires Wideyes - 03/2001

Jobline has entered into an agreement to acquire Wideyes, an ecruitment company with operations in UK, France, Germany, Spain, Italy and Sweden. The consideration represents SEK 40.4m (EUR 4.5m) for the total share capital. Jobline has acquired more than 90% of Wideyes' share capital in its agreement made with the major shareholders and intends to extend an offer to acquire the remaining shares. Jobline has the opportunity to either pay for this consideration entirely in equity, or in a combination of cash and equity. Both boards have approved the deal.

European ecruitment is expanding fast. The value-added service component, which includes HR software solutions, and Online Professional Search, is by far the fastest growing segment within this market. This acquisition will help us strengthen our leadership in this area. The primary drivers for the acquisition are: Wideyes' excellent Application Service Provider (ASP) systems, its recruitment services and its experienced people. This acquisition extends the lead in Online Search services and also puts us at the forefront of the Online HR software solutions business. said Toon Bouten, Jobline chief executive officer.

Lars Berg, currently a Wideyes board member and formerly CEO of both Telia AB and managing director of Mannesmann Telecommunications, will be nominated to the Jobline Board of Directors at the next AGM. According to Berg, Online recruiting is a fast growing market combining recruiting with new technologies. I am excited to give my full support to the new Jobline in conjunction with Wideyes' delivery of e-HR software solutions.

Bouten continued, Our combined databases of close to one million candidates clearly positions Jobline at the forefront of the European marketplace and strengthens our product offering. It also expands our pool of experienced ecruiters and increases Online Professional Search revenue streams. We are considerably raising the barriers to enter these marketplaces. Wideyes' Talent Provider and Jobline's IntraJob ASP solutions have strong potential to become major players with multinational organisations and can be leveraged across our entire European network.

The Wideyes acquisition is expected to generate a positive cash flow in the third quarter 2001. Jobline expects to achieve considerable synergies both on the cost and revenue side during 2001. The Wideyes integration programme will be managed by Eric R. Dahl, (chairman of the board, Wideyes) and David Flt (co founder & vice president Mergers Acquisitions, Jobline) and supported by David Bjrk (chief operating officer, Wideyes), James F. Klein (vice president human resources, Jobline) and Kai Deininger (business development manager - IntraJob, Jobline).

www.jobline.co.uk