StepStone continues its growth strategy by acquiring Saongroup, which operates job portals in 16 countries. The Irish-based company has leading positions in Ireland, Northern Ireland and South Africa, as well as strong positions in several other markets. Saongroup was established in 1999 and has more than 300 employees worldwide.
Ciaran McCooey, CEO, Saongroup, said: "We are delighted to be joining StepStone with whom we have had a close relationship for many years through our membership of The Network. We consider StepStone to be the ideal partner for the future to reach the next level in terms of scale and operational excellence."
The acquisition of Saongroup is in line with StepStone Group's strategy to operate leading job portals. "The acquisition of Saongroup adds to our portfolio of leading job boards and is a significant step on our growth path. Our market-leading technology and know-how combined with the expertise of Saongroup will provide additional growth potential for the entire group, and will help us create even more value for customers and candidates alike," comments Ralf Baumann, CEO of StepStone Group.
Dr Jens Müffelmann, Head of Electronic Media at Axel Springer, said: "Last year Axel Springer incorporated the partnership with General Atlantic. The takeover of Saongroup is the fifth anchor acquisition of profitable market leaders and shows our determination in developing the online classified business."
The transaction does not include the China and Myanmar operations of Saongroup. It is expected to be closed in November, subject to the approval of the competent antitrust authorities.
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