Recruitment process outsourcing firm Job Mobz agreed to acquire “key intellectual property” from Recruiter.com. While the full details were not disclosed, the acquisition involves the transfer of crucial assets, including Recruiter.com’s domain name, under a three-year services agreement. Both companies are set to share quarterly profits starting in the first quarter of 2024.
According to Job Mobz CEO and Founder Jesse Tinsley, there will be no immediate changes to either company or any of their services.
As part of the agreement, Recruiter.com will continue managing select tech offerings including its job board, recruiter marketplace and leadership program. In addition, certain Recruiter on Demand clients and staff from Recruiter.com will transition to Job Mobz.
“Redefining” Recruitment
Job Mobz described the acquisition as more than a business transaction saying, “the collaboration symbolizes a strategic realignment poised to redefine the landscape of global recruitment.”
The companies believe the acquisition will propel Job Mobz’s plans to expand its market presence and its service portfolio through the integration of the Recruiter.com’s brand assets. In addition, they hope to unlock the “full potential” of the Recruiter.com brand and solidify Job Mobz’s position as a “dynamic powerhouse” in the recruitment industry, the companies said.
“Our transaction with Job Mobz is another piece of our strategic realignment and course for the future.” Recruiter.com CEO Miles Jennings said, “We plan for CognoGroup, our planned spin-out of assets from Recruiter.com, to develop our business with Job Mobz through our three-year managed service contract and be the recipient of the profit sharing from our equity position. This transaction is a calculated drive toward a leaner, technology-driven company that also creates immediate value. We’re confident that this bold step will help improve our short-term position and create long-term value.”
The acquisition strengthens the pre-existing relationship and long-term partnership between the two companies. In March, Recruiter.com and Job Mobz partnered to deliver OnDemand solutions. The companies said the collaboration leveraged Job Mobz’s RPO solutions with Recruiter.com’s marketing capabilities and network of recruiters to deliver integrated recruitment services that “drive client growth.”
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