Press
Section 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]
