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Dice buys Rigzone for $39 million

Aug 3rd, 2010 - Dice Holdings, a provider of specialized career websites, has purchased Rigzone for $39 million in cash. Up to $16 million in cash is payable after the acquisition if certain operating and financial goals are met by June 30, 2011.

Rigzone provides news, career services, and advertising for the oil and gas industry. According to a press release, the site boasts about a half a million unique visitors per month and 270,000 resumes.
The purchase is in line with the company’s history of buying or launching hyper-targeted job sites, including Dice.com, eFinancialCareers.com, ClearanceJobs.com, WorldwideWorker.com, AllHeathcareJobs.com, and Targeted Job Fairs, which is a host of career fairs for US workers.
“The acquisition of Rigzone extends our capabilities and strengthens our position in the highly attractive energy vertical,” said Scot Melland, Chairman, President & CEO of Dice Holdings, Inc. “The Rigzone and WorldwideWorker services complement each other with Rigzone’s traditional strength in North America and WorldwideWorker’s focus on the Middle East and emerging markets.  And, both teams share a commitment to quality and a desire to serve the energy industry on a global basis.”
Dice Holdings, based in New York, held its initial public offering in July, 2007.  As of August 12, 2010, its market capitalization is in the range of $456 million. For fiscal 2009, the company produced annual net income of $13.5 million on sales of $110 million, and GAAP cash flow from operations of $22.8 million.

Source: http://www.onlinerecruitingnews.com/dice-buys-rigzone-for-39-million/

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