Recruitment Market Segment LS
Recruitment Market Segment RS
Monday, 17 December 2007 13:09

Large technology recruiters merge in $100 million deal

Two of the largest technology recruitment firms in Australia have merged to form what will be the biggest technology recruitment network in the country.

ASX listed recruiter Peoplebank has acquired the largest privately owned IT&T recruitment firm Ambit for $100 million cash. The resulting firm will be significantly larger than the technology divisions of first tier rival recruitment firms such as Candle, Paxus, Hays, Hudson and others.

The funds for the acquisition are to be raised through an agreement with offshore private equity firm, Navis Capital Partners for a $50 million direct equity subscription and a firm underwriting commitment for a placement of $10 million in shares. A further $60 million in “club” financing from Westpac Banking Corporation and Commonwealth Bank will cover senior acquisition debt, the replacement of existing facilities and anticipated working capital requirements going forward.

According to a Peoplebank statement, the merged company will have more than 250 experienced recruitment professionals with Australia-wide coverage.

Financially, the new company will also be strong, with projected revenues of $500 million and an EBITDA of $24 million in the 2008 financial year.

Peoplebank managing director Leon Lau said: "In a consolidating market, Peoplebank will be uniquely positioned with the broadest array of industry knowledge and experience, and the strongest geographical network to support our clients in acquiring the critical IT&T resources they need during this current skills shortage.

“Not only will Peoplebank be the dominant IT&T recruiter in every Australian region, but the strengthening of our human capital and infrastructure will allow us to diversify into other professional white collar sectors on the back of Ambit’s Engineering and Finance, Banking operations.”


As part of our Lead Machine Methodology we will help you get more leads, more customers and more business. Let us help you develop your digital marketing campaign

Digital Marketing is ideal in these tough times and it can replace face to face marketing with person to person marketing via the phone conference calls and webinars

Significant opportunity pipelines can be developed and continually topped up with the help of Digital Marketing so that deals can be made and deals can be closed

- Newsletter adverts in dynamic GIF slideshow formats

- News site adverts from small to large sizes also as dynamic GIF slideshow formats

- Guest Editorial - get your message out there and put your CEO in the spotlight

- Promotional News and Content - displayed on the homepage and all pages

- Leverage our proven event promotion methodology - The Lead Machine gets you leads

Contact Andrew our digital campaign designer on 0412 390 000 or via email



Security requirements such as confidentiality, integrity and authentication have become mandatory in most industries.

Data encryption methods previously used only by military and intelligence services have become common practice in all data transfer networks across all platforms, in all industries where information is sensitive and vital (financial and government institutions, critical infrastructure, data centres, and service providers).

Get the full details on Layer-1 encryption solutions straight from PacketLight’s optical networks experts.

This white paper titled, “When 1% of the Light Equals 100% of the Information” is a must read for anyone within the fiber optics, cybersecurity or related industry sectors.

To access click Download here.


Stan Beer


Stan Beer co-founded iTWire in 2005. With 30 plus years of experience working in IT and Australian technology media, Beer has published articles in most of the IT publications that have mattered, including the AFR, The Australian, SMH, The Age, as well as a multitude of trade publications.



Recent Comments