Headhunter.net
Completes Merger With CareerMosaic; Pioneer Online Jobsite Claims
No. 2 Industry Position, Aims for No.1
ATLANTA--(BUSINESS
WIRE)--July 19, 2000--By an overwhelming majority, the shareholders
of Headhunter.net (Nasdaq:HHNT) today approved the merger with
former online rival CareerMosaic,
a wholly owned subsidiary of Omnicom Group, Inc. (NYSE:OMC), a
world leader in corporate communications services.
The
closing of the transaction comes just three months after it was
announced and one day after Headhunter.net
reported record second quarter results - indicating strong momentum
in the marketplace.The new company's combined sites will serve
six million visitors per month and feature more than 250,000 job
postings, making it the new No. 2 online job awareness and recruiting
destination on the Internet.
"And
as of today, our goal is to become the No. 1 job awareness destination
on the web," said Bob Montgomery, Headhunter.net's President and
CEO. "We have the largest on-the-streets sales force in the country,
more jobs in more cities than any other online site and an unwavering
commitment to customer service. Our team is clearly focused on
delivering unmatched results to our corporate and consumer clients
and our shareholders."
Montgomery
went on to say that while a shakeout among Internet businesses
has left a number of dot-com companies scrambling to justify their
business models, Headhunter.net's business continues to thrive,
fueling the company's overall growth and performance.
Yesterday, Headhunter.net reported record second quarter revenue
of $9.8 million, a 516% increase over the second quarter of 1999.
During the quarter, the company also opened five new sales offices
in Philadelphia, Austin, Cincinnati, Tampa, and San Jose.
"Headhunter.net
has achieved significant increases in revenue every quarter as
a publicly traded company," said Mark Partin, Chief Financial
Officer of Headhunter.net. "The largely untapped online recruiting
industry is projected to grow to $1.7 billion by 2003. With historical
growth in every segment of our business and margins of over 98%,
we believe we are on the path to profitability."
Headhunter.net now serves more than 10,000 corporate clients across
the country. The merger with CareerMosaic opens doors to a host
of additional Fortune 1000 clients and adds the nation's largest
recruiting ad agency, Bernard Hodes Group, Inc., to the company's
growing roster of blue chip clients. The new Headhunter.net will
be based in Atlanta and will maintain sales offices in Northern
California, New York, Los Angeles, Dallas, Boston, Philadelphia,
Washington, D.C., Austin, Cincinnati and Tampa. Just last week,
the Company announced the expansion of its Chicago-based Strategic
Business Development unit, which is charged with cultivating strategic
partnerships to extend marketing reach and attract targeted job
seekers and job postings.
"The
completion of our merger is a great accomplishment," continued
Montgomery, "but is nothing compared to the task ahead. We must
fully integrate our assets - the best of which is our people -
if we are to accomplish our goal of becoming the leader in our
industry."
About
Headhunter.net
Headhunter.net (www.Headhunter.net)
is a leading national online recruiting and job awareness network,
empowering candidates and corporations to manage the job search
process. With the merger of Headhunter.net and CareerMosaic, the
combined sites will feature more than 700,000 resumes and over
250,000 jobs representing 10,000 of the nations' top employers
across virtually every industry. The new Headhunter.net, which
will serve more than 6 million visitors a month, distinguishes
itself by providing job seekers privacy when searching and applying
for jobs, and allows job seekers and job posters to manage and
track the visibility and performance of their listings.
Forward-Looking
Statements
Some
of the preceding statements in this press release constitute "forward-looking
statements" within the meaning of the Securities Act of 1933,
as amended, and the Securities Exchange Act of 1934, as amended,
and the Company intends that such forward-looking statements be
subject to the safe harbors created thereby. Examples of words
indicating forward-looking statements include "believes," "expects"
and "will." These forward-looking statements reflect the Company's
current views with respect to future events and financial performance,
but are subject to many uncertainties and factors relating to
the Company's operations and business environment which may cause
the actual results of the Company to be materially different from
any future results expressed or implied by such forward-looking
statements. Please see Headhunter.net's Form 10-K, as amended,
for a list of such uncertainties and factors. The Company undertakes
no obligation to update or revise any forward-looking statement
whether as a result of new information, future events, or otherwise.
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