HeadHunter

Performance indicators

2023: Revenue growth by 63% to RUB 29.45 billion

At the end of 2023, the revenue of the HeadHunter group reached 29.45 billion rubles. This is 63% more in relation to 2022, when the result was recorded at the level of 18.09 billion rubles. This is stated in the financial report published on March 6, 2024.

It is noted that revenue growth is primarily due to the restoration of activity in the labor market. The high level of competition for candidates contributed to an increase in the number of paying customers and the average consumption of HeadHunter services. The revenue of the Russian segment of the platform in 2023 amounted to 26.95 billion rubles against 16.74 billion rubles a year earlier, which corresponds to an increase of 61%.

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Unsplash

HeadHunter's net profit for 2023 increased by 236.3% and amounted to 12.41 billion rubles against 3.69 billion rubles in 2022. The growth was due, among other things, to a profit from foreign currency exchange rate differences in the amount of 1.34 billion rubles, while in 2022 a net loss of 303 million rubles was recorded in this area.

The report said that 2023 was a record year for HeadHunter in terms of the number of incoming applications for registration of companies on the platform: the figure increased by more than 40% compared to 2022. As a result, the number of clients from the small and medium-sized businesses segment exceeded 530 thousand companies, rising by 24% compared to 2022. This growth was mainly due to the continuing increase in the penetration of HeadHunter services in the regions of Russia: an increase of 73 thousand customers compared to 2022. The total customer base of the site in 2023 exceeded 600 thousand.

In 2023, the Russian recruitment market continued its transformation with an accelerated transition to online. We remain focused on introducing innovative products to enable HeadHunter to remain an effective and reliable partner for our customers amid significant labor shortages, "says Dmitry Sergienkov, CEO of HeadHunter Group PLC.[1]

2022: Revenue growth by 13.3% to RUB 18.09 billion

The revenue of the HeadHunter recruiting service in 2022 reached 18.09 billion rubles, which is 13.3% more than the result of 17.97 billion rubles shown in 2021. Such data are reflected in the financial report published on March 7, 2023.

Net profit in 2022 amounted to 3.69 billion rubles against 5.49 billion rubles a year earlier. For this indicator, a decrease of about 32.8% was recorded. The company associates this situation mainly with the depreciation of assets - losses from this amounted to 875 million rubles. In addition, another 303 million rubles were lost due to fluctuations in exchange rates.

HeadHunter boosts annual revenue by 13.3%

HeadHunter notes that at the beginning of 2022, the company showed rapid revenue growth amid an increase in average revenue per user (ARPC) and an increase in the number of paying customers in all segments. However, in the current geopolitical situation, the situation worsened due to economic uncertainties, and the number of paying customers in the small and medium-sized businesses segment declined.

The report says that the number of paying customers in the large business segment in 2022 reached 14.08 thousand against 13.64 thousand a year earlier: growth in this area amounted to 3.2%. Moreover, 6.32 Moscow St. Petersburg thousand such clients accounted for and, and 7.77 thousand for all other regions combined. HeadHunter's total revenue from clients in the large business environment Russia in 2022 reached 6.34 billion rubles, which is 19.9% more than in the previous year.

In the small and medium-sized business sector, the number of paying customers fell by 7.8% - from 469.87 thousand in 2021 to 433.25 thousand in 2022. Of these, Moscow and St. Petersburg accounted for 158.41 thousand customers. Revenue in this segment amounted to 9.7 billion rubles, which is 8.8% more compared to 2021.^[2]

History

2024

HeadHunter boosts sales efficiency with CRM from BPMSoft

HeadHunter, the leader in the online recruiting market, has automated B2B sales and customer service using a CRM system based on the low-code BPMSoft platform from BMSoft (part of the LANCOFT IT holding). This improved customer experience and sales efficiency, with 90% of business critical tasks completed in CRM in less than two seconds. Read more here.

Acquisition of control in the developer of HRlink electronic document management systems for 1.5 billion rubles

On October 3, 2024, it became known that HeadHunter received control over the developer of HRlink personnel electronic document management systems. The amount of the transaction as of the specified date was not officially disclosed, but, according to market participants, it can be up to 1.5 billion rubles. Read more here.

Change of registration to Russian

At the end of September 2024, Headhunter changed jurisdiction from Cypriot to Russian, which allowed the company to resume trading in shares on the Moscow Exchange. The redomicitation was supported by the owners of 20.9 million shares with the right to vote. The decision was opposed by the holders of 2.7 million voting shares.

As part of the change in the corporate structure of Headhunter in the Kaliningrad region, the Headhunter MKAO, the new parent company of the group, was registered. According to the results of the first stage of redomication, she received 72.7% of the share capital of the Cypriot Headhunter Group PLC. Trading in HeadHunter depositary receipts on the Moscow Exchange was stopped in mid-August 2024 due to the fact that HeadHunter was in the process of re-registering from Cyprus to Russian jurisdiction. At that time, the papers cost 3908 rubles.

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Freepik

Shares of MKPAO "Headhunter" on the Moscow Exchange on the first day of the resumption of trading, September 26, 2024, rose in price by 4.8% - to 4095 rubles. The next day, the cost increased to 4258 rubles (at the maximum), and on September 30 reached 4498 rubles. As of October 1, 2024, shares of Hadhunter MKPAO were trading at a price of up to 4,548 rubles.

After a pause due to re-registration, trading in HeadHunter shares started. The papers were able to close the week in a positive zone, despite the canopy of sellers. This was facilitated by two news: the announcement of plans to pay a special dividend in the amount of 640 to 700 rubles per share (16-17% of revenue) and the buyback program (buyback of securities) in the amount of up to 9.61 billion rubles. We positively assess this news, but we believe that at the moment the company's shares have limited growth potential, analysts at KIT Finance Broker investment company believe. [3]

Launch of a share buyback program for 10 billion rubles

On September 24, 2024, Headhunter announced a buyback program for its shares in organized trading in the amount of up to 10 billion rubles and up to 12 months. In addition, special dividends have been announced.

According to the Corporate Information Disclosure Center, Hadhunter expects the start of trading of its ordinary shares on the Moscow Exchange on September 26, 2024 under the ticker symbol HEAD, and the delisting of American depositary receipts for shares of HeadHunter Group PLC ("ADR") - September 30, 2024. The company expects to complete the procedure for redomicitation to Russia by the end of 2024. After that, Hadhunter will be able to declare and pay dividends to shareholders.

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Reuters

After the end of the redomicitation, the company intends to adhere to a dividend policy that includes the distribution of 60% to 100% of adjusted net profit annually. At the same time, Headhunter is guided by a strategy to pay its shareholders all funds that are not used to finance current activities and long-term development. Special dividends are expected to be paid in the amount of 32 billion to 35 billion rubles, or from 640 to 700 rubles per share.

Taking into account the previously completed first stage of corporate restructuring of the Headhunter Group, it is expected that according to the results of the placement, the total ownership of the issuer in HeadHunter Group PLC will amount to 85.71%. It is said that 4.1 million ordinary shares were placed in favor of the administrator of the long-term issuer motivation program. About 1.1 million shares are related to rewards, the vesting event for which occurred. The remaining 3 million shares will be out of circulation on the account of the program administrator as quasi-treasury shares, will not participate in the voting and distribution of dividends until they are transferred to employees participating in the incentive program.^[4]

Purchase of 89.99% of Skillaz recruitment service

At the end of August 2024, the recruiting service HeadHunter acquired 15% in the Skillaz recruitment automation platform. As a result, HeadHunter's stake in this company reached 89.99%. Financial terms of the transaction are not disclosed. More here

Moving to a new headquarters in Moscow

At the end of May 2024, it became known about the decision of HeadHunter to move to the new headquarters. For her, the company chose the AFI2B business center, which is located on 2nd Brestskaya Street, next to the Belorusskaya metro station in Moscow.

According to RBC, HeadHunter leases 10 thousand square meters. m in AFI2B from AFI Development. By the end of May 2024, the recruiting service is based in the Kalibr business center, located on Godovikova Street, near the Alekseevskaya metro station (where the company leases about 4 thousand office spaces).

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AFI2B

According to the sources of the publication, the search for a new office is caused by an increase in the number of employees: in the first quarter of 2024, their number increased by 276 people, and spending on staff increased by 23%.

In addition, the company's decision to change its headquarters could also be due to HeadHunter's desire to improve the quality of its office, including to attract new employees, believes Ricci|Offices partner Dmitry Zhidkov. According to him, in the context of a shortage of personnel, this is an additional competitive advantage for the employer. IT and telecom companies now prefer to rent or buy high-quality class A and Prime facilities, adds Kirill Babichenko, head of the services department for owners of the CORE.XP office real estate department. And AFI2B is in one of the most popular and developed business clusters in Moscow, the expert recalls.

The rental rate in AFI2B by May 2024 is about 40 thousand rubles. per sq. m per year (excluding VAT and operating costs), indicates Zhidkov. Belova speaks of 42 thousand rubles. per sq. m per year, as well as about 9.5 thousand rubles per sq. m per year for operating costs. Thus, annually the new office will cost HeadHunter 400-420 million rubles. Zhidkov admits that the company could also count on a discount due to the large amount of leased space.^[5]

Levan Nazarov bought 10.33% HeadHunter

On April 8, 2024, Headhunter International Joint Stock Company (MKAO), the new parent structure of the HeadHunter group, announced a change in the shareholder structure. In particular, the share of 10.33% was acquired by the creator of fintech startups Levan Nazarov. There is no information on the value of the transaction as of the specified date.

Businessman Nazarov, as noted by CNews, owns the purchased stake in HeadHunter through the Quickstep and Equilibrium Capital companies controlled by him. Nazarov participated in the creation of the microfinance organization Mili.ru, as well as in the Balance-Platform project for the development of software for financial enterprises. At the time of the transaction with Hadhunter MKAO, Nazarov heads the Open Financial Marketplace, a specialized platform for online interaction between clients and banks.

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Freepik

It is said that several more new shareholders have appeared in the structure of the Hadhunter MKAO. A share of 7.99% was received by the New Projects company, owned by entrepreneur Odysseus Gavrilov. Another 12.71% was acquired by the Cypriot structure Ajax Private (Ajax Price Limited), information about which is not available in open sources. The names of three other new shareholders of Hadhunter MKAO, as well as the size of the shares they received, were not disclosed. This opportunity in 2022 was provided by the government for companies under sanctions.

MKAO "Headhunter," formed in 2023 as part of the process of changing the corporate structure of the group, conducted an additional issue, as a result of which it placed 36 million 793 thousand 828 shares in the framework of an offer for the exchange of shares of the Cypriot HeadHunter Group PLC on MKAO securities in the ratio of 1:1. As a result of the first stage of the redomication, Hadhunter received 72.7% of the share capital of Headhunter Group PLC (73.2% excluding treasury shares).^[6]

HeadHunter President Mikhail Zhukov dies

On February 9, 2024, HeadHunter announced the death of the company's president, Mikhail Zhukov. He was 56 years old. The causes of death are not named. Read more here.

2023

Formation of a new holding structure in Russia

At the end of October 2023, HeadHunter announced the launch of a large-scale restructuring of the company. The purpose of these actions is to form a new holding structure in the Russian Federation.

HeadHunter, whose corporate scheme has historically been built around a New York-listed Cypriot entity, plans to conduct buybacks and share exchanges as part of this restructuring. This restructuring is an important step for HeadHunter, since it will allow the company to strengthen its position in the Russian market and improve its operating efficiency, the management of the recruiting service believes.

HeadHunter announced the launch of a large-scale restructuring of the company

HeadHunter proposed to redeem from the holders of ordinary shares and ADS HeadHunter Group, which are stored outside the Russian depository infrastructure, these securities at a price of 910.5 rubles. apiece. The final redemption price, taking into account the so-called "exit tax" of 10%, will be 819.45 rubles per share. Such a tax was one of the conditions on which the deal was approved by the government's Foreign Investment Control Commission. It is assumed that applications for the repurchase of shares will be accepted until December 1, 2023, and the results are scheduled to be announced by December 7.

The company is also ready to exchange the securities of those investors "who wish and are able," taking into account international and Russian restrictions, to maintain their stake in the group's business, for an equivalent number of their shares. But she stipulates that she can complete the exchange if she receives an appropriate offer from the owners of more than 50% of her papers. At the same time, shares and ADS will be accepted for exchange only from owners who are Russian residents and non-residents who are not associated with unfriendly countries who hold securities not through the Russian National Settlement Depository (NSD) and SPB Bank.

As a result of the buyback and share exchange processes, Hadhunter MKAO should become a holding company of the HeadHunter group with a share listing on the Moscow Exchange. Headhunter Group PLC itself is also planned to be redomiciled in the future in the Russian Federation.^[7]

Write-off of 657 million rubles due to depreciation of the Зарплата.ру service

HeadHunter wrote off 657 million rubles due to the depreciation of the purchased Зарплата.ру service. This became known from the financial report of HeadHunter for 2022, which was released in August 2023. Read more here.

Add registration with Tinkoff ID

hh.ru added an additional way to register employers with Tinkoff ID. Now all small business employers can register or pass hh.ru authorization using Tinkoff ID without entering a password and login in just a couple of clicks. The company announced this on April 5, 2023.

Integrating Tinkoff ID with hh.ru multiples the number of steps to register and log on to the service. When registering on the hh.ru website or in the hh mobile application, business through Tinkoff ID for small businesses does not need to fill out a questionnaire and upload documents, all data is entered automatically, which significantly reduces the process time and reduces the risk of incorrect filling.

The option is available to users, including individual entrepreneurs who have an account in Tinkoff Business.

The advantages of hh.ru authorization via Tinkoff ID are a quick login in which you do not need to remember your login and password; data protection - information about the employer is reliably protected and provided only with his consent; saving time - the questionnaire is filled out for the employer, he can only check the correctness of the data, after which he can immediately start the main task - finding personnel on the hh.ru.

Tinkoff ID authorization for legal entities is available to all users with a personal account in Tinkoff Business. And any company that works with businesses and individual entrepreneurs can connect Tinkoff ID for legal entities to its own website or application - for this you do not need to be a Tinkoff client.

Our integration with Tinkoff ID is another important step in making hh.ru easier for thousands of small business employers across the board. to the country Now for Tinkoff ID users, we can exclude the necessary steps of manually filling in the data that the new employer is conscientious and conducts real business activities. This will allow us to maintain a high level of trust on the part of applicants as a safe environment for finding a job, while significantly simplifying for employers to register and enter the service, said Vitaly Briedis, head of Tinkoff ID service.

Шаблон:Quote 'author = noted Yulia Kolpakova, head of the welcome service of the hh.ru.

Notice from Nasdaq of forced delisting of securities

On March 15, 2023, the management of the Nasdaq exchange notified Ozon, Yandex, Headhunter and Qiwi of the impending forced delisting of their securities from March 24. Read more here.

Goldman Sachs' cut in HeadHunter stake to 5.9%

In January 2023, Goldman Sachs' share in HeadHunter decreased to 5.9%, while the company could also withdraw from other Russian assets. Their buyer, according to RBC sources, was Russian top managers of an American bank.

Dmitry Sergienkov - new CEO of HeadHunter

On January 26, 2023, the Russian company HeadHunter, which develops the recruiting service of the same name, announced the appointment of Dmitry Sergienkov as the new general director. He replaced Mikhail Zhukov, who headed HeadHunter since 2008. He moves to the position of president of the company and will retain his place on the board of directors. Zhukov will be involved in risk management, including information security. He will also continue to participate in the formation of the strategy, strategic management, as well as monitor the implementation of the strategy. Read more here.

Ivan Tavrin's company revealed the cost of buying a stake in HeadHunter - $147.3 million

The company Kismet Capital Group of the ex-head of MegaFon Ivan Tavrin revealed the cost of buying a stake in HeadHunter. She appears in documents that were transferred to the U.S. Securities and Exchange Commission (SEC) in late January 2023.

According to the disclosed materials, Kismet Capital Group acquired 11.48 million shares of HeadHunter Group at a price of $12.83 apiece. The total amount of the transaction amounted to $147.3 million.

Ivan Tavrin reveals purchase price of HeadHunter shares

As Forbes writes with reference to Anna Kurbatova, a senior analyst at Alfa Bank, the cost of buying securities by Kismet in rubles at the exchange rate as of January 25, 2023 assumes a discount of 19% to the market price of HeadHunter shares as of January 10, 2022 (1104 rubles per receipt). The amount of the discount applied can be explained by the terms of a long-term partnership between the buyer and the seller, she wrote. A RBC source close to one of the parties to the transaction said earlier that Tavrin "was a long-time partner of the largest shareholders of HeadHunter - Elbrus Capital and Goldman Sachs" and through this partnership acted as the beneficiary of about 10% of the Internet company.

Now Kismet "straightened" the ownership structure and increased the size of the share, - this interlocutor explained in January 2023.

On the Moscow Exchange, HeadHunter shares on January 26, 2023 are traded at a price of 1.38 thousand rubles. Based on this assessment, the package acquired by Tavrin costs 15.98 billion rubles - one and a half times more expensive than the amount of the completed transaction.

There are now plans for changes to HeadHunter's bylaws to be approved by an extraordinary shareholder meeting. It is assumed that while each shareholder from Goldman Sachs and Elbrus Capital owns between 7 and 11% of HeadHunter, each of them can nominate one director. At the same time, while Elbrus Capital has at least 7% of the shares, it will be able to choose the chairman of the board of directors.^[8]

Kismet Capital Group of the ex-head of MegaFon Ivan Tavrin bought a 22.68% stake in HeadHunter

Kismet Capital Group of the ex-head of MegaFon Ivan Tavrin bought more than 20% of the shares of the recruiting HeadHunter (HH). This became known on January 11, 2023.

Tavrin stressed that he intends to "fully support the existing strategy" of HH. As follows from the press release, 22.68% of HeadHunter's shares in the Kismet group were sold by Highworld Investments Limited, an affiliate of the Elbrus Capital investment fund.

Kismet Capital Group bought more than 20% of HeadHunter

As a new shareholder, we plan to fully support the company's existing growth strategy and manage our investments in the company separately from our other businesses, including classified assets, Tavrin said.

The HH share on the Moscow Exchange on January 10, 2023 cost 1104 rubles. Based on the fact that HeadHunter has about 50.64 million shares, the capitalization of HH is about 56 billion rubles.

According to a RBC source, Ivan Tavrin, through a partnership with the fund and the bank, acted as the beneficiary of 10% of HeadHunter. The seller of almost 10% was the Elbrus Capital fund itself, and the total amount of the transaction exceeded $100 million. The interlocutor of the publication in the Cabinet of Ministers said that the legal commission for the control of foreign investments has already considered and approved the deal.

Our strategy remains unchanged and is aimed at achieving all the main directions of our growth, such as market penetration, increased monetization and access to related markets, "said Mikhail Zhukov, CEO of HeadHunter.

He highlighted Kismet's considerable experience in "capital markets and the technology industry."

The head of special projects at Ru-Center, Alexei Zamesov, recalled that HeadHunter is an absolute monopolist in its niche, but most likely the company has exhausted its opportunities for rapid growth. At the same time, Zamesov stressed that the company is resistant to the current market situation and serves as an example of a "protective asset," "which will give a stable dividend flow in a wide range of market situations."^[9]

2022

Buying a stake in the Russian HRTech startup Edstein

On December 26, 2022, HeadHunter announced an investment in Edstein. Under the terms of the agreement, venture capital fund HeadHunter received 25% in the startup. The financial terms of the transaction were not disclosed.

It is expected that the funds provided by HeadHunter will be aimed at expanding the functionality of existing assessment and training modules. This will cover more corporate training scenarios and programs for large companies. More here

Roskomnadzor ordered the service to collect and provide information at the request of the FSB

In December 2022, it became known that Roskomnadzor included the HeadHunter job search service in the register of organizers of information dissemination on the Internet (ARI). This means that the Internet recruiter will have to share user data with the FSB, as required by Yarovaya law.

As indicated by the Roskomsvoboda project, HeadHunter was registered in the register on December 5, 2022 under the number 360-PP. A representative of the recruiting service in a conversation with RBC said that the entry of hh.ru into this register is technical in nature and does not change anything in the work of the company.

Roskomnadzor ordered HeadHunter to collect and provide all information at the request of the FSB

Шаблон:Quote 'All user data, as before, is collected, stored and processed in strict accordance with the law, - said the representative of HeadHunter. According to him, the service interface has a built-in communication platform for communication (messenger), which serves as an additional subject of regulation.

By December 2022, HeadHunter is the largest online job search platform in Russia. According to the service, about 18 million users visit the resource every month. The database contains 61 million resumes. According to SimilarWeb, HeadHunter ranks third in the world in popularity among job search sites.

According to the law, services from the register of distribution organizers information are obliged to provide the FSB with the user's login, his real name and surname, passport data, address of residence, registration, a list of languages ​ ​ that he owns, his circle of communication, account data in other services and - IP address. By December 9, 2022, 348 services were included in the ARI register. The list includes "," "Vkontakte and Mail.Ru , Telegram services", "" Yandex for example, "," "Yandex.Taxi and", Yandex.Food"" Yandex.Lavka and, "and Sberbank online Tinkoff-bank Tinder others.^[10]

Investing 100 million rubles in HRlink

The HeadHunter group of companies invested in the developer of the personnel platform electronic document management HRlink and completed the acquisition of a minority stake in July 2022. This was announced on July 18, 2022 by TAdviser representatives of HeadHunter. According to the idea of ​ ​ the group of companies, this will expand the HR ecosystem of hh.ru services for working with personnel by adding a KEDO direction and close the need for companies to automate personnel processes. In turn, the 100 million investment raised from HeadHunter rubles will help HRlink scale up to. Russian market More. here

2021

Ability to enter via ESIA

On November 24, 2021, the Ministry of Digital Development announced the expansion of the possibility of using e-government infrastructure for business. The ability to enter through the ESIA first of all became available to users of resources such as hh.ru, Авто.ру and Cian.ru. Read more here.

Investing $5 million in YouDo consumer services service

On November 1, 2021, it became known about the investment of $5 million in. A YouDo company invested in this service of household and other services, HeadHunter which, as a result of the transaction, became a minority shareholder of YouDo. More. here

Distribution to employees of 6% of the company's shares in the amount of $150 million

In October 2021, it became known about HeadHunter's decision to distribute about 6% of shares worth $150 million to its employees. Not all personnel will be able to count on rewards, but only 50%, and only representatives of the middle level, but in any subdivisions.

According to Forbes, the program is implemented in the form of RSU (Restricted Stock Units) and gives participants the right to receive a certain number of HeadHunter shares for free. The motivation program will allow you to retain key personnel, especially in the most competitive categories of technological and product personnel, the company expects. Shares will be distributed to workers for four years.

HeadHunter hands out 6% stake to employees

By October 2021, the company employs about a thousand people, while the largest division is the sales department, which has 226 employees.

The head of HeadHunter, Mikhail Zhukov, in a conversation with the magazine, said that this motivational program will compete for the "best talents" in the Russian market.

By October 12, 2021, the share of equity in free float HeadHunter is 59.4% of the share capital, 31.9% belongs to Elbrus Capital, the remaining 8.7% belongs to Goldman Sachs.

HeadHunter will receive motivated employees through the program, which may affect the value of the company in the future, said Aton Viktor Dima, director of the stock market analysis department.

Analyst at Veles Capital Investment Company Artem Mikhaylin noted in a commentary to the publication that the HeadHunter program is really significant.

Earlier in 2021, HeadHunter announced a buyback of shares from October 11, 2021 to August 10, 2022, the company wants to buy out securities worth up to 3 billion rubles. The money will go to long-term employee incentive programs.^[11]

Increase in share in Skillaz to 65%

At the end of May 2021, HeadHunter received control in the Skillaz automated recruitment platform. The company spoke about the details in the financial report for the first quarter of 2021. Read more here.

Participation in TAdviser

In February 2021, TAdviser considered seven cloud services for managing candidates for recruiters - ATS (Applicable Tracking System), which are popular in Russia, with a comparative assessment of their functionality. According to the results of the study, the HeadHunter Talantix service was included in the category "Advanced Cloud Services." Read more here.

2020

Revenue growth by 6.3%, to 8.28 billion rubles, profit - 1.89 billion rubles

HeadHunter's revenue in 2020 reached 8.28 billion rubles, an increase of 6.3% compared to 2019. Most of the turnover - 7.72 billion rubles - fell on the Russian market. In the Russian Federation, the revenue of the recruiting service rose by 7.1%.

Revenues from key Russian clients increased by 12.3%, to 2.97 billion rubles. The number of such customers in 2020 increased by 6.1% to 11,801, including 5514 in Moscow and St. Petersburg.

The total number of paying customers increased by 8.7% to 350.6 thousand, including 328.2 thousand in Russia (an increase of 10.3%). The number of Russian clients among representatives of small and medium-sized businesses increased by 10.4% to 314.8 thousand.

Most of the revenue is still generated by income from paid placement of vacancies. HeadHunter earned 3.34 billion rubles on this business in 2020, which is 7.4% higher than a year ago. The direction related to the sale of subscriptions for comprehensive services added about 2.27 billion rubles to HeadHunter's revenue in 2020 (an increase of 6.7%).

Average income per client (ARPC) in Russia increased year-on-year by 5.8% to 251.8 thousand rubles in the segment of key customers. A similar indicator in the category of clients representing small and medium-sized businesses decreased by 6% to 13,822 rubles.

Net profit of HeadHunter in 2020 reached 1.89 billion rubles against 1.58 billion rubles in profit a year earlier.

HeadHunter's net debt as of December 31, 2021 increased by 61.5% and amounted to 4.9 billion rubles.

Having recovered from the effect of the pandemic, we managed to return the business to the path of growth in all major products and segments due to leading positions in the market and a solid industry base, - said HeadHunter CEO Mikhail Zhukov, whose words are quoted in the financial statements.[12]

Buying a job search service "Зарплата.ру" for 3.5 billion rubles

On November 24, 2020, HeadHunter announced the purchase of 100% of the Зарплата.ру service for 3.5 billion rubles. The deal has already been approved by the Federal Antimonopoly Service (FAS), it is planned to close it until January 2021. Read more here.

Refinancing a loan to VTB with a new loan of 4.6 billion rubles

In August 2020, VTB and HeadHunter agreed to open a new syndicated credit line with a volume of up to 4.6 billion rubles, designed to refinance the previous credit line. The interest rate was also 2% plus the key rate of the Central Bank. The credit line is valid until 2025.

HeadHunter also had the opportunity to additionally borrow another 1 billion rubles within 270 days. at 2.5% per annum plus the key rate of the Central Bank to pay dividends, finance mergers and acquisitions and general corporate needs, but the company did not take advantage of this. Instead, at the end of 2020, HeadHunter placed three-year bonds worth 4 billion rubles. at 6.45% per annum.

In the event of a change of control over HeadHunter, VTB has the right to demand early repayment of the loan. Under the change of control, it was believed, among other things, that the total share of Elbrus Capital and Goldman Sachs would become less than 50%.

After the IPO, the share of Elbrus Capital decreased to 40.4%, and the share of Goldman Sachs - to 27%. Then, in 2020 and 2021, HeadHunter conducted a secondary stock offering (SPO) twice. After that, the share of Elbrus Capital decreased to 32.6%, and the share of Goldman Sachs - to 9.4%. That is, the total share of partners decreased to 42%. Perhaps VTB gave additional consent to this.

The collateral under the credit line is 100% of the shares/stakes in Zemenik LLC, HeadHunter FSU and Hedhunter LLC. Earlier, Goldman Sachs and Elbrus Capital also pledged shares of HeadHunter Group, but after entering the IPO, this guarantee was canceled.

The agreement provides that HeadHunter must receive permission from VTB to pay dividends. However, it is not required if up to 100% of net profit is allocated for the payment of dividends, and the ratio of net debt to EBITDA (profit before taxes, interest on loans and depreciation expenses) does not exceed 2.75.

Subsequently, the allowable maximum net debt to EBITDA ratio was increased to "3." The dividend policy of HeadHunter provides for the payment to shareholders of at least 50% of net profit. In 2019, dividends were paid in the amount of 1.13 billion rubles, in 2020 - 1.885 billion rubles.

The agreement also provides that HeadHunter regularly reports to VTB on its financial performance and ensures that certain targets are met. Thus, at the end of 2017 and 2018, the ratio of net debt to EBITDA should not have exceeded "4," at the end of 2019 - no more than "3.5," at the end of 2020, 2021 and 2021 - no more than "3."

The ratio of EBITDA to the total annual interest payments should be at least "1.5" at the end of 2017 and 2018, and at the end of 2019, 2020, 2021 and 2022 - at least "2.5." Also, each quarter, consolidated revenue for the previous four quarters should be at least for the same period at the time of signing the agreement.

If at the end of any year the EBITDA or revenue of HeadHunter becomes less than 80% of the same indicators for the previous year, or if the value of assets decreases to less than 70%, then HeadHunter is obliged to provide VTB with additional guarantees. As of spring 2021, HeadHunter's performance was fully compliant. In particular, at the end of 2018, the ratio of net debt to EBITDA was "1.3," at the end of 2019 - "0.8," at the end of 2020 - "1.2."

Secondary Nasdaq Stock Offering and Company Value $1 Billion

In mid-July 2020, HeadHunter held a secondary stock offering (SPO) on the Nasdaq stock exchange and was valued at more than $1 billion. It was attended by investors from the USA, Russia and Europe - both current and new shareholders. The placement price is one and a half times higher than the IPO price in 2019.

The price of one depositary receipt (ADS) as part of a secondary placement reached $20.25. ELQ Investors VIII Limited, a member of Goldman Sachs , intends to sell 5 million depositary receipts to the service. For this, the investor will receive $101 million.

HeadHunter estimated at $1 billion during SPO

By July 16, 2020, ELQ Investors 12.5 million HeadHunter securities, which corresponds to a 24.8% stake. After secondary placement, the share will decrease to 14.9%.

HeadHunter will reportedly not receive any revenue from the ADS offering and will bear the costs associated with their sale, except for insurance discounts.

In June 2020, when it became known about HeadHunter's plans to hold an SPO, it was argued that the company itself could sell its own shares in the amount of up to $100 million, and its majority shareholders - Elbrus Capital and Goldman Sachs - could sell off their entire stake (65%). That is, the total volume of placement could reach $820.9 million (with quotations by July 16, 2020). For now, however, only Goldman Sachs will sell its shares. Other shareholders and the company itself will be able to sell shares no earlier than 90 days from the placement date conducted by Goldman Sachs.

In a conversation with RBC, HeadHunter Strategy Director Dmitry Sergienkov said that the demand for paper in the secondary placement "significantly exceeded supply."

We had the opportunity to choose those investors who understand the company's business, which is good. We see a plus from the placement, since this will increase the free float (the number of securities traded on the market), daytime liquidity should increase, he said.[13]

HeadHunter obliged not to interfere with the use of recruiting software

On January 27, 2020, it became known that the Federal Antimonopoly Service (FAS) of Russia ordered HeadHunter not to interfere with companies using third-party recruitment software.

According to Kommersant, citing the text of the FAS decision made after a 9-month trial, HeadHunter violated competition law by preventing customers from using the Vera robot developed by Stafori. The regulator issued HeadHunter an order to stop creating obstacles to the entry of Stafori into the market.

FAS ordered HeadHunter not to prevent companies from using third-party recruitment software

The dominant position is not a violation of antitrust law. The violation is the abuse of a dominant position. In relation to SuperJob and "Работа.ру" the facts of the violation were not established, and in relation to HeadHunter - established, - the press service of the FAS told the publication.

The service has filed cases against HeadHunter, SuperJob and "Работа.ру"over obstructing companies automating the recruitment process from entering the market.

When considering the case, the FAS prepared an analytical report on the state of the online job search services market, establishing in such a way that the three largest companies - Headhunter, Superjob and Rabota.ru - occupy more than 90% of the market, which makes their position in the market dominant. At the same time, the regulator recognized Headhunter's conclusions that when compiling this report, the regulator used incorrect parameters, in particular, to determine the number of players, as well as indicators of their importance in the market.

HeadHunter said it was exploring the motivational part of the decision by the end of January 2020. The company noted that it does not require the service to make changes to the terms of use of the product or API, but only obliges to fairly consider Stafory's applications for registration on the site and connection to the API. Stafory called the FAS decision fair.^[14]

2019

Decrease in debt by 15% to 3.04 billion rubles

HeadHunter ended 2019 with net debt of 3.04 billion rubles, which is 15% less than a year earlier. This is stated in the first annual financial statements that the company has published since going public.

In 2019, HeadHunter raised 7.79 billion rubles, which is 27.3% more than a year ago. Revenues of the recruiting service in Russia during this time increased by 26.5% and exceeded 7.21 billion rubles. This increase is due to a 28% increase in the number of paid accounts among representatives of small and medium-sized businesses, as well as with a 20.6% increase in average revenue per client in Moscow and St. Petersburg.

HeadHunter financials

HeadHunter's revenue from small and medium-sized customers in Moscow and St. Petersburg in 2019 amounted to 2.58 billion rubles, an increase of 19.9% compared to the previous year. In other regions, this revenue rose 55.8% to 1.61 billion rubles.

By the end of 2019, HeadHunter had 322,393 customers, up 27.5% from a year ago. Most of them - 297,678 - are located in Russia.

The lion's share of the company's turnover falls on paid placement of vacancies. HeadHunter earned 3.11 billion rubles on this business in 2019, which is 39.7% more on an annualized basis. The area related to the sale of subscriptions for comprehensive services added about 2.22 billion rubles to HeadHunter's revenue in 2019 (+ 14.3%).

HeadHunter ended 2019 with a net profit of 1.58 billion rubles against 1.03 billion rubles in profit recorded at the end of 2019. That upswing, the report said, was driven primarily by revenue growth. The company's capital expenditures amounted to 492 million rubles, mainly related to the modernization of offices in Yaroslavl and Moscow.^[15]

Capitalization growth to $1 billion

On September 6, 2019, HeadHunter's market capitalization for the first time exceeded $1 billion, which was facilitated by the company's growing financial performance.

The Russian recruiting portal reported that in the first half of 2019 it raised 3.58 billion rubles, which is 67% more than a year ago. This rise was the result of an increase in the number of paid accounts by 37.7%, to 140 147, as well as an increase in the average revenue from one client in Moscow and St. Petersburg by 17.3%.

Management and owners of HH at the company's stock offering ceremony

The company's semi-annual net profit rose 67%, amounting to 514 million rubles. In the second quarter, profit shrank 14.4% due to IPO costs.

On September 16, 2019, the value of HeadHunter shares increased by 5%, to $21 (the highest figure of all time), which led to an increase in capitalization to $1 billion. The next day, the company's quotation rate dropped to $20.7, and at the opening of the Nasdaq exchange on September 18, 2019, the service's securities rose in price by $20.76. Capitalization remained above the billion mark ($1.03 billion).

Since going public in May 2019, HeadHunter's share price has risen nearly 53% by September 18, 2019. HeadHunter became the first Russian technology company in six years to conduct an IPO in the United States.

According to SimilarWeb, by September 2019, HeadHunter ranks third in the world in popularity in the employment site segment after the indeed.com and jooble.org. portals. In the overall rating of sites, the service is 27th in Russia and 474th in the world.

According to J'son & Partners, the Russian online recruiting market grew by 28% to 10 billion rubles in 2018 compared to 2017.

In the ranking of "20 most expensive Runet companies" according to Forbes in 2019, HeadHunter is in 6th place with a value of $299 ^[16]

FAS accused HeadHunter of blocking companies using other services to find employees

On December 26, 2019, the Federal Antimonopoly Service of Russia (FAS) posted a message on its website, from which it follows that the regulator recognized the HeadHunter service as violating the law on protection of competition. According to the FAS, the company restricts access to the market for software manufacturers for recruiting.

HeadHunter, referring to its terms of use of the service, began to block employers using third-party automated recruitment services when working with a job search service, and offer in return its own service with similar functionality, the FAS said in a statement.

The Federal Antimonopoly Service of Russia (FAS) posted a message on its website, from which it follows that the regulator recognized the HeadHunter service as violating the law on protection of competition

The HeadHunter service, which occupies a dominant position in the market, prevented third-party services from interacting with their own database, the antimonopoly department said.

Paragraph 9 of the first part of Article 10 of the Law on Protection of Competition explicitly prohibits companies dominant in their field to create such obstacles to the work of other business entities.

HeadHunter responded to the FAS decision as follows:

The published conclusions of the FAS Russia commission seem ambiguous, since in relation to another market participant who admits similar restrictions when interacting with third-party applications, the commission did not reveal any violations... HeadHunter works in full compliance with the legislation of the Russian Federation, including on the protection of personal data of users, and allows the use of third-party applications through the API hh.ru to ensure the stability of Internet services, data protection and to avoid their illegal use. "

The FAS opened a case against HeadHunter in April 2019. Then the claims concerned two more recruitment services - Superjob and Rabota.ru. In September 2019, the Antimonopoly Service closed the case against Superjob and Rabota.ru due to the lack of violations.

A prescription was sent to HeadHunter in connection with a violation of antitrust laws.^[17]

HeadHunter began to pay taxes in Russia

In June 2019, HeadHunter Group became a tax resident, which the Russian recruiting company notified the US Securities and Exchange Commission.

We changed the place of management of the company from Cyprus to Russia, as a result of which our tax residency has changed, "a HeadHunter representative told Interfax.

Previously, the company paid taxes in Cyprus, and its dividends were not taxed, he added.

HeadHunter Group received the status of a tax resident of Russia

HeadHunter told Vedomosti that the company will remain registered in Cyprus, but will pay taxes in Russia.

In accordance with Russian law, any foreign company can open a branch or representative office in Russia and submit an application to the tax authorities to voluntarily recognize itself as a tax Russian resident, a HeadHunter spokesman said.

According to a source familiar with the plans of HeadHunter shareholders, the change in tax residency will allow the company to hold meetings and boards of directors in Russia. In addition, this will affect the taxation of dividends, since in Russia the tax rate on dividends in favor of foreign shareholders is 15%.

HedHunter has not paid dividend tax so far. This tax rate can be reduced if the shareholder lives in a country with which Russia has a double tax treaty (USA, Australia, Great Britain, etc.), or if the shareholder is a Russian tax resident. If the shareholder is a tax resident of Russia - an individual, then the personal income tax rate of 13% will be applied, if the legal entity, then the tax rate on dividends of 13% will be applied, a HeadHunter representative explained to Vedomosti.

The company plans to allocate about 750 million rubles for the payment of dividends until July 19, 2019.^[18]

Details of the acquisition of a stake in the Skillaz service

On May 17, 2019, the recruiting portal HeadHunter disclosed the details of the transaction to acquire a stake in the automated recruitment service. Skillaz This deal took place in February 2019, but its details were not disclosed. More. here

Entry into the NASDAQ exchange: capitalization growth from $675 million to $837 million

On May 9, 2019, HeadHunter made an IPO by listing its American depositary shares (ADS, each corresponding to one common paper) on the Nasdaq exchange at $13.5. The listing of the Russian company was very successful.

Already in the first hour of exchange trading, HeadHunter securities rose in price by 12% (to $15), and by the end of the whole day - by 16.7%. On May 10, 2019, the price increased by another 6.4% and reached $16.75. In two days, the market capitalization of the recruiting portal rose from $675 million to $837 million.

HeadHunter shares rise after first day of IPO

HeadHunter shareholders listed a total of 32% of the company's capital on the stock exchange for $220.1 million. In addition, underwriters - Morgan Stanley, Goldman Sachs, Credit Suisse, VTB Capital, BofA Merrill Lynch, Sberbank  CIB - received a 30-day option to buy a 5% stake at the offering price.

At the end of April 2019, HeadHunter announced an IPO price range of $11- $13.5 per share. Due to increased interest in the future transaction from American investors, the placement took place along the upper border of this corridor ($13.5 ).

As follows from HeadHunter Avenue, 9% of the proceeds from the sale of shares will be received by the structure of the ex-CEO of MegaFon and former member of the board of directors of Mail.ru Group Ivan Tavrin, who in 2016 sold HeadHunter to funds for 10 billion rubles. By agreement with the funds, the Tavrin structure receives 9% of any income from Highworld Investments Ltd and ELQ Investors VIII from HeadHunter, including from the sale of shares on the stock exchange, in exchange for refusing the pre-emptive right to buy out the online service.

HeadHunter planned to hold an IPO in 2018, but due to the adoption in the United States of another package of anti-Russian sanctions, the placement of securities had to be postponed.

By May 2019, more than 500 thousand vacancies and more than 30 million resumes were posted on the HeadHunter website.^[19] 

Headhunter goes to IPO, valuing itself at $600 million

The recruiting service announced the parameters of the upcoming IPO (initial placement of shares), which is planned on the American stock exchange. NASDAQ Shareholders of the company during the placement will sell 16.3 million American depositary shares (ADS), which is 32.6% of the total number^[20] shares^[21]

Now 60% of Headhunter's shares are owned by the Russian Elbrus Capital fund through offshore Highworld Investments and 40% by the American Goldman Sachs fund (through offshore ELQ Investments).

During the IPO, Elbrus Capital will sell 9.7 million ADS (19.4% of the total number of Headhunter shares), Goldman Sachs - 6.5 million ADS (13% of the total number of shares). After the placement, the share of Elbrus Capital will be reduced to 40%, Goldman Sachs - to 27%.

Based on the announced estimates, Elbrus Capital will be able to gain $106-130 million from the placement, Goldman Sachs - $71-87 million. Thus, the total volume of placement will be $180-220 million, and the entire company is valued at $550-675 million.

Acquisition of a stake in Skillaz

On February 13, 2019, it became known that HeadHunter completed a deal to acquire a stake in a technology service for comprehensive personnel recruitment automation. Skillaz The company's business was valued at about 1 billion rubles , taking into account the investment, while HeadHunter has the option of consolidating control over the coming years. More. here

2018: Headhunter may hold US IPO

The Russian online recruiting service Headhunter may in 2018 conduct an IPO (initial placement of shares) on one of the American stock exchanges. This was reported in early 2018 by Reuters, citing its own sources. The main shareholder of HeadHunter, the Elbrus Capital fund, declined to comment on this topic^[22].

2017

Loan for 2 billion rubles to VTB for dividend payments to shareholders

In 2017, the volume of the HeadHunter credit line from VTB was increased to 7 billion rubles, while the interest rate was reduced to 2% per annum plus the key rate of the Central Bank. An additional 2 billion rubles (to 5 billion rubles received earlier to finance the purchase of the service from Mail.ru Group in 2016, see below) were intended to pay dividends to HeadHunter shareholders. The credit line was valid until 2024. At the same time, VTB provided HeadHunter with another 4 billion rubles after 270 days. at 2.4% per annum plus the key rate of the Central Bank to pay dividends. But HeadHunter did not take advantage of this opportunity.

Start Smart Search

November 16, 2017 Internet-the service HeadHunter announced the launch job search systems on base. artificial intelligence According to HeadHunter, the system has learned to analyze resumes and vacancies, predict the probability of response, and also understand the likelihood of an applicant being invited for a further interview. More. here

Job Recommendation System

HeadHunter at the beginning of the year launched a job recommendation system based on machine learning technology. The test period showed that vacancies selected by the new system attract 25% more attention of applicants.

The system of recommendations in force up to this point relied on search queries prescribed for each profession with a tight link to the site catalog. The HeadHunter job recommendation system is based on the experience of service users. The developers of the company analyzed the history of the interaction of applicants with vacancies and created a model capable of recommending vacancies that are more likely to hire a job seeker. In addition, all recommended vacancies are sorted, starting with the most suitable ones.

HeadHunter's new job recommendation system will make up more than three million unique picks every day.

2016

The introduction of artificial intelligence

On June 23, 2016, it became known about the use of artificial intelligence in the work of the HeadHunter service. Such technology can come in handy for large companies with a large flow of candidates.

According to Kommersant the newspaper, citing representatives of HeadHunter, the company has launched a ranking of applicants' responses based on. machine learning Thanks to this function, which is launched in all countries of the presence of the recruiting service Russia(,,,, Ukraine Kazakhstan Belarus Georgia,, Uzbekistan Kyrgyzstan), in the employer's personal account, the default responses will be sorted according to the highest correspondence of candidates, which will be determined on the basis of a recommendation technology that analyzes the coincidence of resumes and vacancies. It is assumed that the system will be able to process up to 1 million responses every day.

HeadHunter introduces artificial intelligence

According to Boris Wolfson, HeadHunter Development Director, the innovation will help employers save at least 15 thousand man-hours for the initial selection of candidates, or about 300-400 million rubles a year. The company hopes that six months after the start of the system at full capacity, the time for the selection of candidates will be reduced by three to four times.

Boris Wolfson believes that projects to develop such a system can cost about 5-10 million rubles, but their implementation depends more on the accumulated competencies, the existing data array and "time for experiments."

In Russia, the account of companies fundamentally capable of producing technologies of this level goes to dozens, and only a few have the necessary data, - said the top manager of HeadHunter.

JungleJobs founder Evgenia Dvorskaya believes that the HeadHunter-implemented ranking of applicants' responses based on machine learning will be useful for mass recruitment, where there are no special requirements for candidates and difficulties in the selection process. In more expensive positions, in her opinion, the system is unlikely to be effective, since "there is no important block of statistics from other sources full of history on this candidate - his responses, interview results, reasons for rejection or admission."^[23]

Mail.ru Group sells HH.ru for 10 billion rubles to Elbrus Capital and Goldman Sachs, which received a loan from VTB

In January 2022, CNews studied the syndicated credit facility agreement^[24]concluded between the HeadHunter service and VTB State Bank. The document was published on the website of the American Securities Commission.

Initially, the credit line was opened in 2016, its volume amounted to 5 billion rubles. The interest rate was 3.7% per annum plus the key rate of the Central Bank. The credit line was intended to finance the acquisition of HeadHunter from the Mail.ru Group holding (later renamed VK). The borrowers were the Cypriot company Zemenik and its Russian subsidiary, Zemenik LLC.

The deal with Mail.ru Group was concluded in 2016, its amount amounted to 10 billion rubles. As a result of the transaction, Zemenik LLC acquired the Cypriot company HeadHunter FSU, which owns the Russian Zemenik LLC. After that, the Cypriot Zemenik was renamed HeadHunter Group.

The owners of Zemenik/HeadHunter Group were Elbrus Capital and Goldman Sachs funds, they owned 60% and 40% of the shares, respectively.

On February 26, 2016, the Internet company Mail.ru Group announced the sale of HeadHunter to a group of investors led by Elbrus Capital. The transaction cost amounted to 10 billion rubles.

This amount was planned to be paid in two tranches: the first - in the amount of 5.5 billion rubles - the sellers of HeadHunter have already received, and the second - 4.5 billion rubles - will be sent by April 30, 2016. The second tranche is unconditional, that is, it does not require any additional conditions. The deal closed on February 25, 2016, the Mail.ru Group said.^[25]

Mail.ru Group announced the sale of HeadHunter to a group of investors led by Elbrus Capital

The structure of the ex-general director of MegaFon and the former member of the board of directors of Mail.ru Group Ivan Tavrin refused the preemptive right to buy out HeadHanter in exchange for the right to receive 9% of any income of Highworld Investments Ltd and ELQ Investors VIII, including from the sale of shares on the stock exchange.

HeadHunter, being a non-core asset within the Mail.Ru Group, almost did not develop, said Otkritie FC analyst Alexander Vengranovich. That is why the asset was sold with a much lower ratio to EBITDA (6.6 to EBITDA for 2015) than the entire Mail.Ru Group. The deal is beneficial for both parties: HeadHunter will be able to develop within the framework of Elbrus Capital, and Mail.Ru Group will receive enough cash to pay off the balance of the debt for VKontakte and start paying dividends by the end of 2016, Vengranovich points out.

Mail.Ru Group took a loan from Gazprombank in the amount of 22.2 billion rubles. to buy 48% of the VKontakte social network from the UCP fund. As of December 31, 2015, the amount of unpaid debt amounted to 6.9 billion rubles, according to the company's annual report.

HeadHunter at this time is one of the largest online resources for finding a job not only in Russia, but also in Ukraine, Kazakhstan, Belarus and Azerbaijan. The site ranks third in the world in terms of traffic among resources in the category "Work and employment," according to Similarweb. In January 2016, users made hh.ru 33.2 million visits.

HeadHunter CEO Mikhail Zhukov said that the company is "inspired" by the deal with Elbrus Capital, since the new owner is interested in increasing the cost of the business due to the development of its technological component. In the near future, HeadHunter may develop, among other things, thanks to acquisitions of other companies. Zhukov did not give specific names, but suggested that this could be primarily acquisitions for the sake of technology. HeadHunter plans to further invest in machine learning technologies and other areas.^[26]

2015: Revenue of 3 billion rubles

In 2015, HeadHunter's revenue decreased by 1.5% to RUB 3,055 million, while EBITDA decreased by 2.5% to RUB 1,506 million. At the same time, in the second half of 2015, revenue increased by 2.4%, amounting to 1,621 million rubles, and EBITDA decreased by 2.3% - to 795 million rubles.

2014

Unsuccessful attempt to sell HeadHunter to a consortium of investors led by Elbrus Capital

Holding Mail.Ru Group announced in November 2014 the sale of a 100% stake in HeadHunter to a consortium of investors led by Elbrus Capital for 9.85 billion rubles ($207.84 million at the exchange rate of the Central Bank of the Russian Federation as of November 17, 2014). The transaction is expected to be completed in the first quarter of 2015.

A source familiar with the situation told CNews that this sale is among the transactions of the Mail.ru Group, thanks to which the company gets rid of its investment assets - packages in Qiwi, Facebook, Groupon, etc. As a result, the company will better fit into its Communications and Entertainment strategy, with which it went public.

In early 2014, Mail.ru Group was already trying to get rid of HeadHunter. Then the general director Megaphone of Ivan Tavrin "" acquired a 12% stake in the social network "" from Vkontakte its founder Pavel Durov and immediately resold this stake to Mail.ru Group. The condition of the transaction was Tavrin's receipt of an option to buy out HeadHunter from Mail.ru Group within three months, but the option was never exercised^[27]

In February 2015, it became known that Mail.ru Group did not close the sale of HeadHunter. According to preliminary information, the reason for this is the inability of the buyer to attract the necessary funds for the transaction. The Mail.ru Group reports on the results of 2014 indicate that the transaction is at the stage of uncertainty, but the management has not yet made a final decision on it.

In April 2015, it became known that the deal to sell HeadHunter to investors from Elbrus Capital did not take place, Mail.Ru^[28] RBC with reference to the financial statements. Mail.ru Group

RBC later wrote that Elbrus Capital could not raise money to complete the transaction.

A press release from Mail.ru Group accompanying the publication of^[29] financial] statements^[30] 2014 said: The sale of HeadHunter has not been completed and the process has been terminated. So HeadHunter is still part of the company.

Revenue for 9 months 2.3 billion rubles

For the first 9 months of 2014, revenue and EBITDA amounted to 2.325 billion rubles and 1.183 billion rubles, respectively. The monthly attendance of the HeadHunter.ru site is 14 million unique visitors, the resume base is 14.5 million, the vacancy base is 360 thousand.

2013: Revenue up 22% to RUB 2.75 billion

The project revenue for 2013 amounted to 2.756 billion rubles, an increase of 22% compared to 2012. And net profit almost doubled over the year (by 45%), reaching 910 million rubles. EBITDA - 1.357 billion rubles.

2012: Russia's Internet Hiring Leader

Wolfson Boris: The situation in the Internet recruitment market Russia is now developing in such a way that hh.ru is the market leader not only in terms of resumes and vacancies, but also in the technical part. Therefore, in the field of functionality, technical sale of sales, search for resumes and vacancies, design, competitors are guided by us. Some competitors actually directly declare that they can copy our functionality within a few weeks and position such a strategy of "second number games" as a competitive advantage. Being in such a competitive position as a leader is not as easy as it seems at first glance. After all, copying functionality is always very cheaper than inventing it first.

In my opinion, today we have two key advantages that are difficult for competitors to repeat: a high-quality search for resumes and vacancies, able to search most fields, taking into account morphology and synonyms and a base of high-quality detailed resumes, which allows employers and applicants to spend less time selecting resumes and vacancies.

One of our tasks is to create functionality that will bring not only maximum value to our customers, but will also be difficult from a technical point of view due to the manufacturability of the solution. As an example, I can cite clustering of search, which I can tell in more detail after a while.

2010:300 employees

In 2010, the company employs more than 300 people, of which more than 200 are in the Moscow office, in the regions and abroad - more than 100.

2009: Mail.ru Group buys another 54.6% in the company for $37.85 million

In 2009, DST (later renamed the Mail.ru Group) took control of Newton Rose, acquiring 54.6% for $37.85 million. Accordingly, the entire company was valued at $69.3 million. At the same time, minority shareholders of Newton Rose received the right to exchange 5.89% of the company's shares for DST shares and sell it another 3.5% of the shares.

2008

DST to buy another 12.34% stake for $11m

In 2008, DST bought another 12.34% stake for $11 million, an estimate of the entire Newton Rose was $89 million.

Entry into the market of Belarus

In the summer of 2008, HeadHunter entered the market. Belarus

2007: Mail.ru Group acquires 24.5% of the company for $15 million

In 2007, the Mail.ru Group (at that time called Digital Sky Technologies, DST, created by Yuri Milner) entered the share capital of the recruiting site Headhunter Group (at that time Newton Rose). Then DST acquired a 24.5% stake in Newton Rose for $15 million, thus, the valuation of the entire company at that time amounted to $61 million.

2005: Entry into the markets of Ukraine and Kazakhstan

In 2005, the company entered the markets of Ukraine (HH.UA) and Kazakhstan (HeadHunter.COM.KZ).

2000: Mikhail Frolkin and Yuri Virovits launch the service

The service was founded in 2000 by Mikhail Frolkin and Yuri Virovits.

Representative offices of the company

HeadHunter representative offices operate in the regions of the Russian Federation and abroad Kazakhstan : in and, Belarus as well as in,,,, St. Petersburg,, Nizhny Novgorod,, Yaroslavl To Samara Rostov-on-Don Yekaterinburg Krasnodar Novosibirsk Krasnoyarsk, and. Kazan The central Voronezh office is located in. To Moscow

Notes