Indeed, the world’s most visited job recruiting site, will be bought by human resources service provider Recruit Co. of Japan in a deal reportedly worth up to $1 billion. Stamfordm, CT-based Indeed will continue as an independent unit of Recruit with the existing management team in place.
Launched in 2004, Indeed has grown to 80 million unique visitors per month and has been profitable since 2007. Revenues over the last three years have nearly doubled as the company moved past Monster to become the largest job site in the US in 2010.
Now the company will look to continue its strong growth overseas, which already accounts for half of Indeed’s traffic. It is currently the top job site in the US, Canada, the UK and France, and is number one in job searches worldwide.
Indeed raised $5 million in 2005 from Union Square Ventures, the New York Times and Allen & Company though, as USV’s Fred Wilson wrote, the company at that time didn’t need the money. That has been the only funding to date.
Although the details of the deal were not announced, Business Insider says a source close to the company pegged its value at $750 million to $1 billion. It’s unclear if that’s true but the New York Times today disclosed that it made $100 million from its investment in Indeed.
Co-founders Rony Kahan and Paul Forster have operated under the radar and have largely bootstrapped themselves. Indeed helped validate the idea of a search advertising-based job service, which differed from other recruiting sites where users paid to list open jobs. It now has more than 25,000 advertisers in its pay-per-click recruitment ad network. The company also has 5,000 employer clients and 550 employees based in Austin, Dublin, London, Mountain View, New York and Stamford.
With the acquisition, Recruit Co. is hoping to be the dominant HR and recruitment services in the world. The private company already does $10 billion in revenue but most of it in Japan. It’s looking at an IPO to fund more acquisitions.