SOFTBANK Makes $20 Million Investment in Webhire, Inc.
Strategic Investment Fuels Expansion of Internet Recruiting Leader's Web Service Offerings
LEXINGTON, Mass.--(BUSINESS WIRE)--July 20, 1999--Webhire, Inc. (NASDAQ:HIRE) the leading provider of Internet recruiting solutions to corporations, today announced that SOFTBANK Capital Partners LP has agreed to invest $20 million in Webhire to accelerate and expand the growth of its Internet businesses. In addition, in a private transaction, SOFTBANK will acquire 1.67 million shares of Webhire stock currently held by Amazon.com. The investments will give SOFTBANK, one of the world's leading Internet players, a 40% interest in Webhire. Charles R. Lax, a general partner at SOFTBANK Capital Partners LP, will join Webhire's board of directors.
''We are attracted to Webhire because of its unique Internet recruiting brand and innovative end-to-end online recruiting service offerings,'' said Mr. Lax. ''Online recruiting is one of the most powerful Internet applications, and the online recruiting marketplace is valued by some industry experts at $30 billion per year. Webhire is well-positioned to lead this marketplace.''
SOFTBANK holds an interest in more than one hundred Internet companies including such major brands as Yahoo! and Yahoo Japan, ZDNet and E*TRADE.
''This investment by SOFTBANK, one of the smartest players in the Internet game, is a tremendous vote of confidence for our vision and strategy,'' said Marty Fahey, Webhire president. ''Today, Webhire has more than 1,000 corporate customers, a rapidly expanding job posting business that moves 125,000 jobs to the Internet each week and strategic business partnerships with leading Internet brands such as CareerPath and The Washington Post. The SOFTBANK investment will help us take our services and offerings to the next level.''
Webhire will use the SOFTBANK investment to accelerate its Internet growth plans, including using the new capital to dramatically enhance the content and technology supporting Webhire Internet recruiting solutions and pursue a more aggressive marketing strategy. Funds may also be considered for selective acquisitions that complement the company's growth objectives.
Webhire will conduct a conference call to discuss this investment and its most recent earnings at 10 A.M. EST this morning. Participants should call 1-888-455-0131. The password is (HIRE) and the leader is Marty Fahey.
About SOFTBANK
SOFTBANK has emerged as the world's leading Internet investor. Through its ownership positions in more than 100 Internet companies and its unique Internet-zaibatsu management concept, it is able to create market synergies for its family of companies on a global scale. SOFTBANK is the largest shareholder in leading Internet companies such as Yahoo!, E*Trade and ZDNet, has launched more than ten Japanese joint ventures with U.S.-based Internet companies and holds majority control of Ziff-Davis and Kingston Technologies.
About Webhire, Inc.
Webhire is the leading provider of end-to-end Internet 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 based on Junglee technology; 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 with more than 60 job board destination partners including 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 is available on the World Wide Web at www.webhire.com or by calling 1- 877-WEBHIRE. Webhire, based in Lexington, Mass. is traded on the Nasdaq National Market under the ticker symbol HIRE.
Webhire is a trademark of Webhire, Inc. SOFTBANK is a trademark of SOFTBANK Corporation. All other names are trademarks and/or registered trademarks of their respective owners.
EDITOR'S NOTE: The name E*TRADE should appear with an asterisk between E and TRADE. This symbol may not appear properly in all systems.
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 effectiveness of strategic partnerships, changes in technology and industry standards, increased competition and market acceptance of the Company's products and services and those of its competitors.
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Contact:
Webhire, Inc
Greg Mancusi-Ungaro, 781/869-5324
gregmu@webhire.com
or
Phil Keuper Public Relations, Inc.
Philip Keuper, 212/207-1576
phil_keuper@softbank.com
or
The Weber Group
Scott Bauman, 617/661-7900
sbauman@webergroup.com
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