Recruit Holdings Co.,Ltd. (TSE:6098) entered into a definitive agreement to acquire Glassdoor, Inc. from Battery Ventures IX, L.P., a fund managed by Battery Ventures, Tiger Global Private Investment Partners IX L.P. and Tiger Global Private Investment Partners VII, L.P, funds managed by Tiger Global Management LLC, DAG Ventures, LLC and others for $1.2 billion on May 8, 2018. The transaction will be financed through cash on hand. Upon closing of the transaction, Glassdoor will operate as a subsidiary of Recruit Holdings and will operate under its HR technology segment. Glassdoor has reported net assets of $38.6 million, total assets of $156.4 million, net sales of $170.8 million, operating loss of $22.7 million and net loss of $22.2 million for the financial year ended on March 31, 2018. Post transaction, Robert Hohman, Chief Executive Officer and co-founder of Glassdoor, will continue to lead the company and will report to Hisayuki Idekoba, Chief Operating Officer and Head of HR Technology segment of Recruit Holdings.

The transaction is subject to regulatory approvals and closing conditions and is expected to close in the second quarter of 2018. Qatalyst Partners LP acted as financial advisor and Stewart McDowell, Sean Feller, David Kennedy and Paul Issler of Gibson, Dunn & Crutcher LLP acted as legal advisor to Glassdoor. Goldman Sachs & Co. LLC acted as financial advisor and Sullivan & Cromwell LLP acted as legal advisor to Recruit Holdings. Citigroup Inc. acted as a financial advisor for Glassdoor, Inc.

Recruit Holdings Co.,Ltd. (TSE:6098) completed the acquisition of Glassdoor, Inc. from Battery Ventures IX, L.P., a fund managed by Battery Ventures, Tiger Global Private Investment Partners IX L.P. and Tiger Global Private Investment Partners VII, L.P, funds managed by Tiger Global Management LLC, DAG Ventures, LLC and others on June 21, 2018.