Recruit Holdings acquires Peoplebank
Recruit Holdings describes the acquisition as reflecting its vision of becoming the world’s leading integrated HR service provider by 2020. The company's international business growth to date has been largely through acquisitions - including of The CSI Companies, Staffmark and Advantage Resourcing which yielded a significant US and UK footprint - as well as through organic growth, principally by development of permanent placement business in Asia and by operating world-leading matching platforms.
Recruit Holdings sees Peoplebank as the platform for its expansion across the region: commenting that the new structure combines "...its deep experience in the recruitment sector globally with Peoplebank's business experience and customer base in the region."
For Peoplebank, being part of Recruit Holdings will deliver major advantages including the resources of a fast growing, ambitious listed company with a recruitment focus, and the scale to deliver on projects of any size.
Peter Acheson, CEO of Peoplebank commented, "Peoplebank is a very strong business. In the past few years we have increased market share and have grown the business into Asia, by creating a business culture that encourages our staff's passionate commitment to their work.
"This strategy aligns perfectly with Recruit Holdings' mission of 'Meet your opportunity' - helping individuals to shine through access to jobs, education and other services," he said.
"As part of the Recruit Holdings family, Peoplebank will have the resources to partner with clients on major projects and new business models. We also gain access to best-practice IP to help amplify our growth strategies and, ultimately increase Peoplebank's lead as recruiter of choice in our markets.
"Peoplebank sees this development as a giant step on our journey of success: and we are looking forward to sharing its benefits with our staff, candidates and, importantly, our customers in the months ahead," Acheson said.
Under the terms of the agreement, all Peoplebank companies have been fully acquired by Recruit Holdings from private equity majority shareholder Navis Capital and Leon Lau, retiring founder and Chairman. The recruiter will maintain its existing staff and processes, there will be no change during the transition to its new parent.