Online job network OneShift has acquired 100% Australian mature age jobs board Adage for an undisclosed amount.
Adage founder Heidi Holmes won’t be staying on but has said the deal gave her a 300% return on investment.
OneShift founder Gen George told Business Insider the deal adds about 2,000 businesses and 20,000 candidates to the startup’s platform which currently hosts about 413,300 candidates and almost 36,000 businesses.
“It’s being merged into the OneShift brand. Adage will cease to exist – the actual brand name,” she said.
“We’ll take on the whole business, Heidi has finished up.”
OneShift secured $5 million in capital from recruitment company Programmed in return for a 27.5% stake at a valuation of between $18 million and $20 million back in 2013.
George said she was not actively looking for more funding but “if the right deal” came across she’d consider it.
Adage was created for jobseekers over 45 years old and is a specialised service for mature workers looking to re-enter the workforce.
George said it was a market OneShift wanted to break into.
“Feedback that we’ve been getting is people wanted more mature workers,” she said.
“As a result of Australia’s ageing population, the participation of mature age people in the labour force has become a key issue in policy discussions. The 45 and above age bracket is forecast to be the fastest growing labour market segment in Australia over the next decade – a fact that businesses and recruiters can no longer afford to ignore.”
According to the ABS Australians aged 55 and over in the labour market have increased from 25% to 34% over the past 30 years, with most of the increase occurring in the last 10 years.
An ageing population means it is expected the number of older workers will continue to increase.
OneShift launched two years ago in New Zealand last year and is averaging about 1500 new candidates daily.