Virgil Holdings Inc has acquired Hcareers, DHI‘s hospitality business, for about $16.5 million. Genesis Park provided the funding to support Virgil’s acquisition of Hcareers. AGC Partners was the financial adviser on the deal.
NEW YORK, May 23, 2018 /PRNewswire/ — DHI Group, Inc. (NYSE: DHX) (“DHI” or the “Company”), a leading online career resource and talent acquisition platform for technology professionals and other select professional communities, today announced that it has sold its hospitality business, Hcareers, to Virgil Holdings, Inc. for approximately $16.5 million in cash. The transaction closed on May 23, 2018 and DHI will use the proceeds in accordance with its stated capital allocation strategy, including the reduction of the balance on its revolving credit facility, support of strategic initiatives and potential return of capital to shareholders.
DHI previously announced its intention to divest four of its non-tech businesses in May 2017 as part of a strategy to focus on tech and helping technology professionals manage their careers. Consistent with its strategy, this sale substantially completes the divestiture process for its non-tech businesses.
“Virgil Holdings, Inc. is a great new home for Hcareers, which will no doubt benefit from being part of a company closely aligned with the hospitality industry that is transforming how candidates and employers come together,” said Art Zeile, President and CEO of DHI Group, Inc. “We are pleased with the outcome of this transaction, as it helps us concentrate on our core strategy of bringing relevant career opportunities to tech professionals and qualified technology talent to employers.”
Funding was led by Genesis Park, a Houston-based private equity firm.
AGC Partners served as the exclusive financial advisor for the transaction.
About DHI Group, Inc.
DHI Group, Inc. (NYSE: DHX) is a leading provider of data, insights and employment connections through our specialized services for technology professionals and other select online communities. Our mission is to empower tech professionals and organizations to compete and win through expert insights and relevant employment connections. Employers and recruiters use our websites and services to source, hire and connect with the most qualified and highly-skilled tech professionals, while professionals use our websites and services to find ideal employment opportunities, relevant job advice and tailored career-related data. For over 25 years, we have built our Company on providing employers and professionals with career connections, news, tools and information. Today, we serve multiple markets located throughout North America, Europe, the Middle East and the Asia Pacific region. Find out more at http://www.dhigroupinc.com/home-page/default.aspx.
About Virgil Holdings Inc.
Virgil Holdings Inc. owns and operates Virgil Careers, a career navigation and recruiting platform that utilizes proprietary machine learning algorithms and micro-assessments to match job seekers to the perfect career path, employment opportunity and developmental resources. Virgil automatically generates a competency-based profile that enables corporate recruiters to quickly identify and contact the right candidates for their open roles. Through a SaaS model, Virgil serves a diverse customer base including individual job seekers, corporate recruiters, job boards, higher education, trade associations, workforce agencies and nonprofits. For more information, visit www.virgilcareers.com.