Friday August 25, 8:03 am Eastern Time
Press Release
Webhire Closes $16 Million Investment Led by Korn/Ferry International and SOFTBANK
Strategic Investment Provides Webhire with Capital Needed to Achieve Profitability
LEXINGTON, Mass.--(BUSINESS WIRE)--Aug. 25, 2000--Webhire, Inc. (Nasdaq:HIRE - news), the leading Application Services Provider (ASP) in the business-to-business Internet recruiting marketplace, announced that it has closed the previously announced $16.0 million financing with Korn/Ferry International (NYSE: KFY - news), SOFTBANK Capital Partners, Gemini Investments, and Bricoleur Partners.
As a result of this transaction, SOFTBANK Capital Partners and Korn/Ferry International now own 33% and 16%, respectively, of Webhire's outstanding common stock. Based on discussions with Nasdaq, the Company determined that under applicable Nasdaq regulations, no shareholder approval was required to complete this transaction.
Webhire also announced that Peter Dunn, Vice Chairman and General Counsel of Korn/Ferry and acting CEO of Futurestep, has joined Webhire's Board of Directors.
About Webhire
Webhire is the leading Applications Services Provider (ASP) in the Internet recruiting marketplace. Webhire's business-to-business Internet recruiting solutions help employers use the Web to quickly and cost-effectively advertise job openings, attract and evaluate talent and manage the hiring process. Webhire also delivers one of today's best-known corporate Internet recruiting services, Yahoo! Resumes. More than 1,000 customers, including Internet companies like Akamai Technologies, and Pets.com; fast-growing firms like Millennium Pharmaceuticals and Rational Software; and Fortune 500 enterprises such as American Express and Boeing; connect to Webhire services for some or all of their Internet recruiting needs. Webhire is aligned with key Internet players SOFTBANK, Korn/Ferry International and Yahoo!. Recently, Webhire teamed with IdeaLab to launch Refer.com, a new candidate sourcing site that leverages personal referral networks to identify qualified candidates. More information about Webhire is available on the World Wide Web at 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.
About Korn/Ferry International
Korn/Ferry International (NYSE: KFY - news) -- the world's leading executive search firm has more than 70 offices across 40 countries. Clients include many of the world's largest and most prestigious companies, middle-market and emerging growth companies as well as governmental and not-for-profit organizations. Futurestep.com, a wholly-owned subsidiary of Korn/Ferry, combines the speed and reach of the Internet with Korn/Ferry's executive search expertise to provide middle-management recruitment services to clients. For more information, visit the Korn/Ferry International web site at www.kornferry.com and the Futurestep website at www.futurestep.com.
About SOFTBANK Capital Partners
SOFTBANK Capital Partners (SBCAP) is a $1.5 billion Internet venture investment group sponsored by SOFTBANK CORP. Led by partners Masayoshi Son, SOFTBANK CORP's Founder, President and CEO; Ronald Fisher, CEO of SOFTBANK Global Ventures; Charles R. Lax, a co-founder of SOFTBANK Technology Ventures; and Bill Burnham, former Credit Suisse First Boston Corp. e-commerce analyst, SBCAP focuses on late stage, pre-IPO (mezzanine) and post IPO (PIPE) investments. Portfolio investments of SBCAP include 1-800-Flowers.com (Nasdaq: FLWS - news), AllAdvantage.com, BlueLight.com, buy.com (Nasdaq: BUYX - news), DoveBid, Electron Economy, Global Sports (Nasdaq: GSPT - news), Kozmo.com, Law.com, LRN, mysmart.com, Naviant, Odimo.com, OptiMark Technologies, PeoplePC, Rivals.com, SmartAge, Syntra, Toysrus.com, Webhire (Nasdaq: HIRE - news) and Webvan (Nasdaq: WBVN - news). SBCAP is headquartered in Newton Center, MA. For more information, see www.sbcap.com.
Webhire, Webhire JobPost and Webhire JobCanopy, HireWorks and HireFast are trademarks of Webhire, Inc. All other products and trademarks 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 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.
Contact:
Webhire, Inc.
Greg Mancusi-Ungaro
gregmu@webhire.com
781/869-5324 |
