Restrac, Inc. Changes Company Name to Webhire, Inc.
Recruiting Automation Leader Changes Name to Reflect Focus On Web-Based Solutions
LEXINGTON, Mass.--(BUSINESS WIRE)--June 1, 1999--Restrac, Inc. (NASDAQ:RTRK) today announced that it has changed its name to Webhire, Inc., effective June 1, 1999. The name change reflects the company's evolution into one of the leading providers of Web-based end-to-end recruiting solutions. The company also announced that it has changed its NASDAQ ticker symbol to HIRE.
''The Web is transforming the way companies fill jobs. Our solutions no longer just track resumes, they help companies leverage the Web to hire better candidates faster and at lower cost,'' said Lars Perkins, Webhire chairman and CEO. ''For over two years, our strategic initiatives and R&D investments have focused on intranet and Internet development and e-commerce. Today's name change publicly acknowledges the reality of our current business.''
Webhire is already one of the leading vendors in the Internet Recruiting marketplace. Quarterly recurring revenues resulting from e-commerce and Internet transactions exceed $1 million. Each week, Webhire moves more than 100,000 job listings from corporate employment pages to leading Internet recruiting sites. Webhire technology is also used by many Internet media companies to manage their online career sites.
''The multi-billion dollar recruiting industry is in the beginning stages of a stunning migration to the Internet,'' said Martin J. Fahey, Webhire president and COO. ''Today, Webhire provides robust Web recruiting solutions that are used by over 1,000 companies. We believe we are well-positioned to capture significant market share and revenues as the recruiting industry's transition accelerates.''
As part of the name change, the company also announced its Restrac Hire for Intranet product has been renamed Webhire Enterprise, and its outsourced recruiting automation service, today known as Restrac WebHire, would be marketed under the name Webhire Recruiter.
Restrac share certificates held by stockholders will remain valid and need not be returned and exchanged for Webhire share certificates.
About Webhire, Inc.
Webhire is the leading provider of complete, end-to-end recruiting solutions that help employers use the Web to quickly and cost-effectively connect with job-seekers and efficiently manage the hiring process. Offerings include Webhire JobPost, a fully automated job posting solution that uses technology recently acquired from the company's largest investor, Amazon.com (NASDAQ:AMZN); Webhire Recruiter, an outsourced candidate management service on the Web, and Webhire Enterprise, a comprehensive intranet -based recruiting suite for large enterprises. All Webhire solutions leverage the Webhire Network, the largest open network of Internet recruiting sites and service providers that now includes more than 100 partners such as Yahoo!Employment, Monster.com, AOL Digital Cities, Career Magazine, Black Voices and Computerworld.com. More than 1,000 organizations, from fast-growing companies like Millennium Pharmaceuticals and Rational Software to Fortune 500 enterprises such as American Express, Boeing and Microsoft, depend on Webhire solutions for some or all of their recruiting automation needs. More information about Webhire recruiting solutions is available on the World Wide Web at www.webhire.com or by calling 1- 877-737-8722. Webhire is based in Lexington, Mass. and is traded on the Nasdaq National Market under the ticker symbol HIRE.
WebHire is a trademark of Webhire, Inc. Restrac is a registered trademark of Webhire, Inc. All other products and services mentioned may be registered trademarks or trademarks of their respective owners.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company's actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such a difference include changes in technology and industry standards, increased competition, the size and rate of growth of the market for human resources staffing software and services and market acceptance of the Company's products and services and those of its competitors.
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Contact:
The Weber Group
Allison Hyder, (617) 520-7033
ahyder@webergroup.com
or
Webhire, Inc.
Greg Mancusi-Ungaro, (781) 869-5324
gmancusi@webhire.com |
