Publishing giant Axel Springer announced on Monday that its recruitment organization, StepStone, has acquired an 85 percent stake in U.S. recruitment tech company Appcast for around €70 million ($79 million U.S.).
Appcast specializes in programmatic advertising. It uses web surfers’ browsing history and interests, through automation and analysis, to place targeted job ads within seconds. The technology helps companies increase the number of candidates per ad, boosting recruiting efficiency.
Appcast was founded in 2014 by CEO Chris Forman, who will continue to lead the company. It’s headquartered in New Hampshire, with offices in Canada and Belarus.
“We have wanted to enter the U.S. job classifieds market with the StepStone group for quite some time. Appcast is a very fast-growing company and the perfect investment for us,” said Dr. Andreas Wiele, president of Classifieds Media Axel Springer SE.
The acquisition will help Springer continue its growth strategy and expands StepStone’s portfolio of intelligent recruiting and matching technologies.
Last month, Axel Springer’s main shareholders struck a deal with U.S. private equity investor KKR to buy out minority shareholders for €63 ($72 U.S.) a share. The deal would allow the Berlin-based publisher to pursue long-term growth, valuing the company at €6.7 billion ($7.6 billion U.S.).
Axel Springer operates a number of classified brands and has expressed interest in acquiring EBay’s classified businesses, which are estimated to be worth about $10 billion.