Amazon.com to Sell Internet Job Search Technology to Restrac
Seattle, Nov. 18 (Bloomberg) -- Amazon.com Inc. said it agreed to sell technology that automatically collects Internet help-wanted ads to employee recruitment software company Restrac Inc., shedding an asset unrelated to its online retail business.
Restrac will pay Amazon.com 1.7 million shares and an undisclosed amount of cash for the technology, which the No.1 online book and music merchant acquired with its purchase of Junglee Corp. in August. The shares are valued at $9.14 million based on Restrac's close of 5 3/8.
Seattle, Washington-based Amazon.com is keeping Junglee's technology that allows online shoppers to compare prices for similar items. Restrac plans to integrate the job search technology and Junglee's 15 job web sites into its online WebHire Network, which allows companies to post job openings across the Internet.
Restrac will also acquire Junglee's partnerships with online classified advertising sites run by newspapers the Washington Post and the Wall Street Journal, owned by Dow Jones & Co. The Washington Post Co. was an early investor in Junglee, attracted by its ability to collect job listings on the global computer network.
Amazon.com paid 1.6 million shares, worth $175.8 million at the time, for Junglee.
Shares of Amazon.com, which had 1997 revenue of $147.8 million, rose 15 1/2 to 164. Shares of Lexington, Massachusetts- based Restrac Inc., which had fiscal 1998 sales of $30.9 million, rose 3/4 to 5 3/8. The transaction was disclosed after the close of regular U.S. trading.
20:56:29 11/18/1998
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