Careerbuilder.com

CAREERBUILDER

Career Builder began in 1994 as NetStart Inc. selling software to companies for listing job openings on their Web sites and the ability to manage the incoming e-mails those listings created. After an influx of two million dollars in investment capital the company transported this software, named CareerBuilder to its own web address, at first listing the job openings from the companies who utilized the software.NetStart Inc. changed its name in 1998 to operate under the name of their software, CareerBuilder. The newly christened company received a further influx of seven million dollars from investment firms such as New Enterprise Associates to expand their operations.The company announced their decision to go public in April 1999.The company's IPO on May 12, 1999 raised $8 million more than initially forecast, but was less successful than other Net offerings of the time. In its first day of trading, the stock opened at $17.50 and rose as high as $20 before closing at $16. Microsoft moved quickly to acquire a minority stake in the company in exchange for using the company's database on their own web portal.After being purchased in a joint venture by Knight Ridder and Tribune Company in July 2000 for $8 a share CareerBuilder absorbed competitor boards CareerPath.com and then Headhunter.net which had already acquired CareerMosaic. Even with these aggressive mergers CareerBuilder still trailed behind the number one employment site Jobsonline.com, number two Monster.comand number three Hotjobs.com.In 2001, major newspapers owned by Knight Ridder and the Tribune Company merged their help wanted sections with the online component. Rob McGovern was replaced as CEO in March 2002 by Robert Montgomery. Gannett purchased a one-third interest in the company for $98.3 million in 2002, adding the CareerBuilder brand to its 90 newspaper nationwide. The McClatchy Company purchased Knight Ridder $4.5 billion in stock and cash in March 2006.