Acquisition
of MiracleWorkers.com Leads to Instant Domination of Red Hot Healthcare
Vertical Market
ATLANTA --(BUSINESS WIRE)--Aug. 28, 2000 --Less than thirty days
after completing its acquisition of one of its biggest competitors,
Atlanta-based Headhunter.net
(NASDAQ:HHNT), the #2 online job awareness and recruiting site
on the Internet, announced today it had acquired yet another competitor--this
time the #1 healthcare recruiting site on the web: MiracleWorkers.com.
In the all-stock deal Headhunter.net exchanged 1,437,500 shares
for all the outstanding shares of MiracleWorkers.com.
The acquisition is effective immediately.
The
combined partnership offers 35,000 healthcare jobs, giving Headhunter.net
an instant leadership role in providing eRecruiting services to
the 1.2 trillion dollar healthcare industry. Over the next ten
years, labor demands in the healthcare sector are expected to
grow by 24%, larger than any other sector, which makes this the
next key vertical market to be served by online recruiting.
"Given
the size and complexity of the industry, having a dedicated subsidiary
focused on healthcare is the best way to provide full value to
healthcare institutions and job seekers," said Bob Montgomery,
Headhunter.net's President and Chief Executive Officer. "We expect
the acquisition of MiracleWorkers.com to result in a revenue increase
of $10 million in 2001 for Headhunter.net. This is a big step
forward on our path to profitability while strengthening our presence
in this growing industry."
Headhunter.net
will cross post jobs on both companies' websites over the next
60 days. Following that, MiracleWorkers.com
will be distinguished as "A Headhunter.net Company."
Also based in Atlanta, MiracleWorkers.com
was founded in 1999 and was the first comprehensive online recruiting
and job search site focused exclusively on the healthcare industry.
MiracleWorkers.com has preferred marketing agreements with a number
of hospital management companies, including HCA-The Healthcare
Company (NYSE: HCA), Quorum Health Resource Group (NASDAQ: QHGI)
and Premier, Inc., giving the company preferred marketing rights
to 50% of all hospitals across the nation.
"MiracleWorkers.com's growth rate and success in developing its
eRecruiting business for the healthcare industry caught the attention
of many of the major players," said Dave Cormack, MiracleWorkers.com's
President and Chief Executive Officer. "Partnering with Headhunter.net
will increase the number of healthcare job seekers who visit the
web site tenfold, up to 800,000 unique visitors each month. This
will deliver phenomenal numbers of qualified candidates to our
healthcare clients, who are having to cope with severe staffing
shortages, particularly in the nursing profession. Without question,
this new market leadership will give the combined companies a
lock on the healthcare eRecruiting business."
MiracleWorkers.com
will continue to operate as a wholly owned subsidiary of Headhunter.net.
The acquisition by Headhunter.net will allow MiracleWorkers.com
to rapidly expand its operations. The company currently employs
30 people and expects that number to grow significantly by the
end of the year.
"This strategic move triggers an instant supply/demand effect
that complements the strengths of both companies," continued Montgomery.
"It creates an immediate opportunity for the largest concentration
of healthcare jobs on the Internet to be viewed and filled by
the tremendous volumes of quality job seekers at Headhunter.net.
We are very pleased to offer such an ideal solution to the crisis-level
staffing crunch in the healthcare community."
About MiracleWorkers.com
MiracleWorkers.com
is the world's largest employer-direct eRecruiting solution for
the healthcare industry. Based in Atlanta, the company is comprised
of leading healthcare and technology experts. The expertise of
the management team, combined with the comprehensive benefits
and features of the system, uniquely positions MiracleWorkers.com
to assist in solving the recruiting challenges facing the healthcare
industry. For job posting or job seeker information, visit the
site at www.miracleworkers.com.
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 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
serves 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.
CONTACT: Creaxion Mark Pettit,
404/495-4425
pager: 888/933-3731 [email protected]
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