New York Stock Exchange-listed Chinese Craigslist-like platform 58.com Inc. has acquired online recruitment platform ChinaHR.com for an undisclosed amount to expand its human resource services, according to an announcement posted on the company’s Weibo account.
The transaction follows a US$1.6 billion deal last month, in which 58.com is to acquire a 43.2% stake in rival Ganji.com.
ChinaHR.com’s parent company, international recruitment firm Saongroup.com Ltd., is to exit the Chinese market along with the sale.
58.com, which already operates a large online recruitment section on its platforms, plans to continue running ChinaHR.com independently under the same brand.
"58.com is a local Chinese Internet company…ChinaHR.com’s brand will help 58.com expand its online recruitment services and may change the sector’s market composition," says the statement.
The deal team at 58.com has been busy lately, striking transactions including buying online interior decoration service platform To8to, real estate listing platform Anjuke, online recruitment platform M91.cn, and investing in designated driver reservation app maker eDaijia.
Private equity and venture firms Warburg Pincus, SAIF Partners, and DCM own interests in 58.com.