$69m buyout for IT recruiter Peoplebank

Sydney-headquartered IT recruitment firm Peoplebank has been acquired by Japanese giant Recruit Holdings on a massive day that saw it spend $359 million acquiring Australian companies.

The privately held IT specialist Peoplebank was acquired for $68.6 million, while ASX-listed general recruitment agency Chandler Macleod was gobbled up for $290 million.

In a presentation to the Tokyo Stock Exchange, Recruit stated that the buyouts provide it "full-scale entry into the strategically important and expanding Australian market" and claimed that it will now hold "second position in the Australian staffing market".

The Peoplebank deal sees the current owners – founder and chairperson Leon Lau and majority shareholder Navis Capital – fully cash out their interests in the company in a transaction expected to complete 30 January.

"Peoplebank sees this development as a giant step on our journey of success," said Peoplebank chief executive Peter Acheson. "As part of the Recruit Holdings family, Peoplebank will have the resources to partner with clients on major projects and new business models."

Figures released by Recruit Holdings showed Peoplebank racked up $522 million of revenue in the 2014 financial year, for a net income of $12.2 million.

"Peoplebank is a very strong business. In the past few years we have increased market share and have grown the business into Asia," said Acheson.

Recruit Holdings, the largest recruitment firm in Japan, said in a statement that the buyout is a step towards fulfilling "its vision of becoming the world's leading integrated HR service provider by 2020".

The giant had already acquired US and UK entities The CSI Companies, Staffmark and Advantage Resourcing, said a spokesperson, and the Peoplebank deal would boost its Asian footprint.

Peoplebank was established in 1990 and claims to be the "Asia-Pacific's leading IT&T recruitment company". The company employs more than 225 staff across Adelaide, Brisbane, Canberra, Melbourne, Perth, Sydney, Singapore, Hong Kong and Kuala Lumpur.

Publicly listed Recruit Holdings has more than 28,000 staff across Australasia, North America, and Europe, with headquarters in Tokyo.