Welcome to a Online Savvy Podcast on Total Picture Radio with Peter Clayton Reporting. Earlier this month, Dice Holdings, a leading provider of specialized career websites for professional communities, announced it completed the purchase of substantially all of the assets of AllHealthcareJobs.com, a leading online career site dedicated to matching healthcare professionals with available career opportunities.
We'd like to welcome Phil Morris back to Total Picture Radio, along with Michael P. Durney, Senior Vice President, Finance and Chief Financial Officer of Dice Holdings.
Two-thirds of all visitors to dice.com are employed:
Mike, I'd like to start with you. This marks your fourth acquisition for Dice - can you give us a brief background on Dice Holdings?
Phil, every job board owner I talk with tells me the same story: Job listings are off 30-50% -- this is the worst it's ever been. How's your business holding up?
Phil - Were you actively looking for a business partner? Did Dice come to you?
Phil - You're still running the day-to-day at AllHeathCareJobs?
Mike - Are you looking to make additional acquisitions this year?
Mike - Dice is a geek jobs site, you've obviously been very successful. What's happening today Mike, are job postings on Dice.com up?
How about eFinancialCareers? What can you tell us -- given the global reach of that job board. Is there any good news to report in the financial sector?
Phil - I was on AllHealthCareJobs.com today. It looks very much the same as it did when we spoke in Chicago last year. No Dice branding - nothing really about the acquisition. So what is Dice bringing to your party?
Mike - according to the stats I've seen, job boards represent only 1% - 2% of actual hires. Also, a number of recruiters tell me only the truly desperate are surfing job boards: the best candidates -- those passive candidates everyone wants to hire aren't there. Advertising on job boards means getting spammed with hundreds of resumes of unqualified candidates. I'm sure you've heard all this before. Care to respond to these criticisms?
Phil: As a niche board operator how do you respond to these criticisms?
Mike - I posted this question on Linkedin Answers recently - "Job boards allow employers to get the most-qualified candidate at the lowest salary."
Mike - Speaking about Linkedin - How are social networking sites -- Linkedin, Twitter, Facebook affecting your business, and how can job boards take advantage of what these sites offer without being cannibalized by them?
Mike, CFO crystal ball time: A number of states are now in double-digit unemployment -- given your projections, when will things start to turn around?
Phil - What kind of growth are you expecting in the health care industry for the balance of this year?
Phil - Mike - What didn't I ask that you would like to share?
Excerpt from press release announcing acquisition:
Phil Morris
“Today, Dice gains a successful career site in healthcare, an important industry sector facing long-term shortages of experienced professionals in critical areas. We are confident that we can further drive AllHealthcareJobs.com growth through our expertise in building communities and serving customers,” said Scot Melland, Chairman, President & CEO of Dice Holdings, Inc. “Through this acquisition, we continue to execute our strategic plan which includes pursuing growth opportunities in new verticals.”
“We are elated and proud to be joining the highly respected Dice team,” noted Phil Morris, co-founder and President of AllHealthcareJobs.com. “Being a relatively small but growing site, this partnership makes eminent sense. It allows us to leverage Dice’s know-how and established resources to match even more healthcare professionals with the best job opportunities.”
Launched in late 2006 and known for its unique search engine, AllHealthcareJobs.com allows hiring managers and recruiters to quickly locate and recruit highly-qualified healthcare professionals in more than 500 available job specialties across the industry.
More than 50 percent of AllHealthcareJobs.com candidates have at least five years experience in the industry and encompass a wide range of healthcare fields such as nursing, allied health, laboratory, pharmacy and medicine.
The purchase price consists of initial consideration of $2.8 million in cash and the issuance of 205,000 shares (with some restrictions). Additional consideration to a maximum of $1.0 million in cash is payable upon the achievement of certain operating and financial goals over the next two years.
Phillip Morris Biography:
Dr. Morris has a Bachelor’s Degree in Physics and a Ph.D, in Mathematics both from the University of Hull, England. He spent 4 years teaching and then went on to work in Medical Physics at a hospital in New Zealand where he discovered his true creative spirit in software. Phil has over 34 years of software experience and continually strives to keep ahead of the technology curve by incorporating the latest software tools into the websites. This allows our websites to provide unprecedented ease of use, combined with unmatched and very powerful functionality. His vision of the web is a far cry from just passive presentation of information. Instead he views the web as a two way communications medium – "our websites are simply applications that run over the web!"
Michael Durney Biography
Michael P. Durney has been Senior Vice President, Finance and Chief Financial Officer of Dice Holdings, Inc. and its predecessor, Dice Inc., since June 2000 and Treasurer since July 2002. Prior to joining the Company, he held the position of Vice President and Controller of USA Networks, Inc. (now known as IAC/InterActiveCorp.) from 1998 to 2000. Mr. Durney’s previous experience includes Chief Financial Officer of Newport Media, Inc. from 1996 to 1998, Executive Vice President, Finance of Hallmark Entertainment, Inc. from 1994 to 1996 and Vice President, Controller of Univision Television Group, Inc. from 1989 to 1994. Mr. Durney started his finance career at the accounting firm of Arthur Young & Company in 1983. He is a member of the board of directors of the Technology Association of Iowa. In addition, he is a member of the Advisory Council of the School of Business and a member of the board of directors of the College Foundation at the State University of New York at Oswego. Mr. Durney holds a B.S. degree in accounting from the State University of New York in Oswego.
About Dice Holdings, Inc.
Dice Holdings, Inc. (NYSE: DHX) is a leading provider of specialized career websites for professional communities, including technology and engineering, financial services, accounting and finance, healthcare, and security clearance. Our mission is to help our customers source and hire the most qualified professionals in select and highly skilled occupations, and to help those professionals find the best job opportunities in their respective fields and further their careers. For more than 18 years, we have built our company by providing our customers with quick and easy access to high-quality, unique professional communities and offering those communities access to highly relevant career opportunities and information. Today, we serve multiple markets primarily in North America, Europe, the Middle East, Asia and Australia.
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Well done guys! you're all pros and it was a pleasure listening in.
There is always a great deal of interest in job board acquisitions and you have broken a long dry spell. Congratulations to both parties, sounds like a good match.
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