JoBookIt joins TASE in reverse merger

Online recruitment company Jobookit has merged with stock market shell Danidiv Investments.

JobookIT CEO Arik Filstein founded the company in 2008. The company will use the reverse merger to raise more capital in a few months. It will reportedly try to raise $5-10 million, although the final figure will depend on market conditions. In its prospectus, JoBookIt said that it lost $240,000 on zero sales for the first quarter of 2012, and that it expects to swing to a profit on $10.5 million in sales in 2014. JoBookIt's estimated value for the reverse merger is $13. 4 million.

JobookIT's leading product is a jobs search engine ExactME!, which makes semantic matches between companies and potential candidates for jobs based on the derived meaning of words in their CVs and not just on the literal text. The search engine uses artificial intelligence, which learns the jobs and candidates' capabilities, and links and analyzes content in social networks where many CVs are posted.

Earlier this year, JoBookIT launched its solution in Argentina, and says that it intends to set up an international marketing unit to rapidly penetrate new countries. It also plans to hire 15 employees to augment its current staff of 20. The company also says that it intends to reach strategic agreements with digital media groups, such as Google Inc. (Nasdaq: GOOG) and international job placement companies.

JoBookIt plans to have 500,000 users worldwide by the end of 2012, mostly in Argentina and other South American countries, and to increase its users to two million in 2013 and five million in 2014.

JoBookIt also operates an Internet human resources venture SkillIQ Ltd., a meeting place between business and potential employees.

Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2012

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