TheLadders, a job site started in 2003, is nearing a sale, according to sources familiar with the situation. The company hired an investment advisor after receiving inbound interest; letters of intent in the ballpark of $75 million are expected this week. Bidders include executive search firms Korn Ferry and Heidrick & Struggles. LinkedIn, a natural buyer for career-related startups, passed on the deal. TheLadders and Heidrick & Struggles declined to comment. Korn Ferry did not respond to a request for comment by press time.
TheLadders has eight million members, many of which pay $25 per month or $99 per year to access its marketplace of job listings. It’s the reverse of the typical job site business model, where recruiters and companies pay a listing or subscription fee. With more than $30 million in revenue, the company is expected to do “high single digits” in profits this year. The site raised $7.3 million in venture funding in 2004 from Matrix Partners.
TheLadders underwent a management change earlier this year, when co-founder Marc Cenedella, who served as CEO from 2003 to 2012, returned to the top spot, replacing co-founder Alex Douzet. Cenedella currently acts as CEO of two companies at once – TheLadders and a personality quiz startup, Knozen.
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