I didn’t think Monster could top its own stupidity after buying Affinity Labs for a ridiculous $62 million in cash earlier this year. However, they undoubtedly did top themselves today after announcing the acquisition of fairy dust matching technology provider and vertical job search engine Trovix for an OMFG $72.5 million.
Seventy-plus million for Trovix? Really?
Couldn’t Monster have saved a few bucks and just built something themselves? I mean, they apparently have $72.5 million for the project.
I reviewed Trovix in 2007 and interviewed CEO Jeff Benrey in spring of the same year. As a result, I feel I have a fairly good grasp of the company’s offering.
I have nothing against the people at Trovix. Good for them. They have a decent technology that might have some legs given the right amount of time and leadership. But what they’re droppin’ ain’t worth pickin’ up for $72.5 million bucks.
Unless you’re Monster, I guess.
(Sidenote: Trovix ownership has to be farting rainbows and burping unicorns in complete bliss as I write this post.)
According to a release put out by Monster, “The implementation of the Trovix technology will enable Monster to provide employers and job seekers with innovative search capabilities that will simplify the recruiting process by providing highly relevant, targeted search results.”
Trovix technology promises to algorithmically match job seeker and company without any extra steps, aside from the typical post resume/post job format. As their site says, “Trovix understands the true context of the information on a resume and included in a job description and instantly identifies the best qualified candidates for that specific position in a way that no other search technology can.”
Unfortunately, job seekers have to register before seeing full job descriptions – typically the mating call of the über-desperate candidate – so I’d be skeptical as to how much on-field time the technology has actually had with, like, top talent. As one industry old-timer put it, “You go to their site and they try to capture all your info on the first page. What is this, 1997? We want to spam you.” Jobs are spidered, making the need to actually be a client negligible, so as a result it’s doubtful their roster of clients is worthy of a significant test case of current or future success.
And as far as buzz goes – which does matter – Trovix is on no one’s hot list. Ever heard a company brag about its experience using this service? Me neither. They don’t exist. I don’t care how many company logos or Wall Street Journal clips Trovix puts on their site.
No doubt a company rep or one of the few Monster fans left will come out and cite how many ways till Sunday I’m wrong, but I’m confident time is on my side. This will go down as another big flop in Monster’s portfolio. Maybe the biggest.
Someone, please save this sinking ship. It’s starting to make all of us look bad.
Or maybe I’m wrong. Maybe Trovix is way ahead of its time and sees things differently than the rest of us. Maybe this matching stuff isn’t just snake oil. Maybe their technology will save Monster from doom and revolutionize the recruiting industry. The possibility is there and the gamble’s worth taking, right?
Not for $72.5 million.