Update: Speaking with MediaNama, Info Edge CEO Hitesh Oberoi said that Naukri acquired TooStep because of its recruitment management solutions product. He said that TooStep’s existing product would be supported, however, the team would work on integrating relevant features into Naukri and on new features. He said that the company would like to support integration with social various social networks, and would develop new social features as well.
Info Edge, the company that runs Naukri, 99acres and Jeevansathi, has acquired the business, of Toostep Consultancy Pvt Ltd., on a slump sale basis. The company informed the Bombay Stock Exchange about the acquisition through a filing. The exact monetary details of the transaction were not disclosed. Following the acquisition, the Toostep team has joined Info Edge. According to the filing, Info Edge intends to integrate features of Toostep’s products into Naukri.com, and will also allow Toostep to scale up sales getting access to Naukri’s client base.
Toostep had developed a SaaS (Software as a Service) Platform that allows recruiters to propagate jobs on social networking sites and Search Engines and also allows recruiters to manage the response. The filing mentions that Toostep had sold its solutions to many customers in India in the last 3 years. The company’s website mentions 163 job sites that have integrated its solution, offering 1,742,962 openings. Toostep mainly offers a knowledge board where users can discuss different subjects in line with their professional pursuits, gain recommendations and network with potential employers. It also offers a Facebook app.
Make Naukri more social? : This acquisition looks interesting given that popular professional social network, LinkedIn, is gaining prominence when it comes to being used as a job search-recruitment site. It might be possible that Naukri will implement social features on its site following this move. During the last conference call, Info Edge CEO Hitesh Oberoi had said that Naukri did not see any short term threat from social hiring platforms. However, he had admitted that Naukri did have intentions to leverage social media platforms for hiring in the future. Oberoi had also added that LinkedIn was not impacting their businesses in India yet although they did view the company as a competitor in the long run.