Irish job site Jobbio was reportedly approached for a buyout offer from an unidentified American group at the beginning of the year. The details of the offer are unknown, as the deal has been put on hold due to the ongoing Covid-19 pandemic.
Since it launched in 2015, Jobbio has raised over $17 million from a variety of investors, including NJF Capital, the Smurfit family and Michael Chadwick. Jobbio has not commented on the reported buyout offer.
CEO Stephen Quinn previously told media that Jobbio considered itself “a careers marketplace that makes it easy to discover companies and apply for job opportunities.” He said the site had over two million users and collaborates with over 6,000 companies, including Airbnb, Uber, Slack and Ryanair.
The company also works with newspaper and magazine publishers to manage their job sites, including a recent deal with Condé Nast. Jobbio also works with IDG in the U.K., VentureBeat in the U.S. and BetaKit in Canada. Several other deals are rumored to be in the pipeline.
This comes at a cost, however. In September, Jobbio released data showing that it had accrued $13.1 million in losses by the end of 2017. The company attributed them to its international expansion.
The buyout offer may have come at the perfect time. While the company said the losses were “in line with agreed cash flow targets” fixed with the investors, the group said it couldn’t guarantee that it would meet those targets. The buyout, then, may offer Jobbio a way out of a difficult financial situation.