LEXINGTON, Mass. and SEATTLE--(BUSINESS WIRE)--Nov. 18, 1998-- Restrac,
Inc. (NASDAQ:RTRK), the leader in networked recruiting solutions, and
Amazon.com (NASDAQ:AMZN), the leading online retailer, today announced that
Restrac has acquired the Junglee Employment Services business from Amazon.com.
In exchange for cash and approximately 1.7 million shares of Restrac stock,
Restrac will receive exclusive rights to Junglee's award-winning online
recruitment technologies. Restrac will also acquire Junglee's Internet
production sites and manage and develop the employer and career site business
relationships established by Junglee. Ram Shriram, Amazon's vice president of
business development, will join Restrac's board of directors.
Amazon.com acquired the Employment Services Business when it purchased
Junglee Corp. in August 1998.
"The WebHire Network has made Restrac the clear leader in Internet
recruiting," said Lars Perkins, founder and CEO of Restrac. "The addition of
Junglee's 15 job sites, 115,000 job postings and more than 500 employers
advances the WebHire Network's position as the largest Internet recruiting
network."
"Junglee has always believed that Internet-based e-commerce will
transform the $20 billion recruiting marketplace," said Shriram. "Restrac is
the perfect partner to make that vision a reality. They have the vision and
strategy to be a significant player in this market, and we're excited by this
opportunity to invest in and partner with the emerging Internet recruiting
market leader."
The Junglee technology, which currently powers many leading Internet
career sites including, The Washington Post's CareerPost Classified job search
site and the Wall Street Journal Interactive Edition's employment site,
significantly expands the capabilities of Restrac's WebHire Network. Restrac
customers will now have the industry's easiest access to Internet job
postings, allowing them to post jobs to Internet career sites maintained by
Restrac business partners by simply placing open positions on their corporate
Web site. With Amazon.com's Junglee technology and partnerships, Restrac now
offers corporate recruiters a full suite of products and services to leverage
the Web for recruiting.
Restrac will continue to develop the job site hosting capabilities of the
Junglee recruiting technology and will provide access to more than over
500,000 jobs filled annually by Restrac's existing customer base to Junglee's
job distributors. Restrac will fulfill Junglee's current partner obligations
and is committed to growing and expanding the opportunities for employers and
job posting partners to connect to the WebHire Network, now powered by
Junglee.
About Amazon.com and Junglee
Amazon.com, Inc. (NASDAQ:AMZN), the Internet's No. 1 book and No. 1 music
retailer, opened its virtual doors on the World Wide Web in July 1995 and
quickly became Earth's Biggest Bookstore. Today, the Amazon.com store has
expanded to offer more than 3 million books, music CDs, audiobooks, videos,
DVDs, computer games, and other titles, plus easy-to-use search-and-locate
features, secure credit card payment, personalized recommendations,
streamlined ordering through 1-Click(SM) technology, and direct shipping.
Amazon.com operates two international bookstore Web sites: www.amazon.co.uk in
the United Kingdom and www.amazon.de in Germany. Amazon.com also operates
PlanetAll (www.planetall.com), a Web-based address book, calendar, and
reminder service, and the Internet Movie Database (www.imdb.com), the Web's
comprehensive and authoritative source of information on more than 150,000
movies and entertainment programs and 500,000 cast and crew members dating
from the birth of film in 1892 to the present.
This announcement contains forward-looking statements that involve risks
and uncertainties that include, among others, Amazon.com's limited operating
history, the unpredictability of its future revenues, and risks associated
with capacity constraints, management of growth, and new business
opportunities. More information about factors that potentially could affect
Amazon.com's financial results is included in the company's filings with the
Securities and Exchange Commission, including the Annual Report on Form 10-K
for the year ended Dec. 31, 1997, and the quarterly report on Form 10-Q for
the quarter ended Sept. 30, 1998.
Founded in 1996, Junglee's initial focus was online recruitment. More
than 550 employers, 80 merchants, and 40 portals have worked with Junglee to
deliver more than 115,000 job listings and more than 15 million items for
purchase.
About Restrac, Inc.
Restrac is the leading provider of networked recruiting solutions
including the new WebHire Network, an open connection to an array of Internet
recruiting services. The WebHire Network creates a single connection between
recruiters and an expanding network of more than 100 Internet recruiting
partners offering job posting, searchable pools of resumes and other essential
recruiting services. Restrac Hire for Intranet, the most flexible, enterprise-
wide solution for corporate intranets and Restrac WebHire, a unique, browser-
based outsourced recruiting solution offering requisition tracking, candidate
management and resume processing over the Internet, both leverage the
capabilities of the WebHire Network. More than 375 companies worldwide employ
Restrac's client/server, intranet or Internet-based recruiting solutions.
Among these customers are American Express, AT&T, Millennium Pharmaceuticals
and Microsoft. More information about Restrac recruiting solutions is
available at www.restrac.com or by calling 1-877-RESTRAC.
Amazon.com, Junglee, Amazon.co.uk, Amazon.de, PlanetAll, Internet Movie
Database, Earth's Biggest Bookstore, and 1-Click are either registered
trademarks or trademarks of Amazon.com, Inc. or its affiliates. Restrac is a
registered trademark, Hire is a trademark, and WebHire is a service mark of
Restrac, Inc. All other products or services mentioned may be trademarks or
registered 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 actual results for Restrac, Inc. could differ
materially from those set forth in the forward-looking statements. Certain
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, risks associated
with capacity constraints and management of growth, and market acceptance of
Restrac's products and services and those of its competitors.
CONTACT:
Restrac, Inc.
Greg Mancusi-Ungaro, 781/869-5000
gregmu@restrac.com
or
The Weber Group
Allison Hyder/Scott Bauman, 617/661-7900
ahyder@webergroup.com
sbauman@webergroup.com
or
Amazon.com
Bill Curry, 206/834-7180 |
