Shares of Restrac Inc. advanced 37 percent Thursday after the company said it bought the Junglee Employment Services business from online retailer Amazon.com. for about 1.7 million shares of Restrac stock.
Under terms of the business deal, Restrac (RTRK), which provides networked recruiting solutions, will also get exclusive rights to Junglee's online recruitment technologies and its Internet production sites.Amazon.com (AMZN) acquired the Employment Services Business when it purchased Junglee Corp. in August.
Restrac said the Junglee technology, which currently contributes to other Internet career sites, including The Washington Post's CareerPost and the Wall Street Journal Interactive Edition's employment site, will "significantly" expand the company's reach.
"The WebHire Network has made Restrac the clear leader in Internet recruiting," said CEO Lars Perkins in a statement. "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."
Shares of Restrac rose 2 to 7 3/8 while shares of Amazon.com gained 3 1/2 to 167 1/2.
Restrac designs, develops and markets human resource staffing software to automate the recruitment, selection and placement of an organization's workforce.
Written By Cecily Fraser