StepStone in German buy - 10/2000

Online jobs agency StepStone has launched a e47 million (28.9 million) agreed bid for German recruitment company Job-Today.

StepStone, which has a dual listing in Oslo and London, was already the number two internet recruitment agency in Germany, but this deal will give it a crack at the top spot.

Loss-making StepStone, which the market expects to break even in 15 months, now operates in 12 countries across Europe as well as in India and will open in a further five countries this month. Chief executive Giles Clarke likened his expansion to building a factory.

Job-Today, which will be paid for in new StepStone shares, will also give StepStone access to the Swiss market through its recently purchased subsidiary SwissWebJobs.

www.stepstone.com