CV Market jobsites sold for up to 8.9 mEUR

CV Market, a regional network of Baltic and Eastern European online recruitment sites, was sold last week to a group of investors consisting of Digital Sky Technologies Limited, Tiger Global Private Investment Partners IV ja Bexley International Investments Limited, according to news published in Estonia.

The deal size is announced as “up to 8.9 mEUR.” 75% of the company is being sold now and the buyers have an option to buy the remaining 25% by January 1st, 2010. “Up to” probably means being dependent on next 3 years results.

CV Market 2007 is forecasting revenues of 1.9 mEUR and a profit (not sure if net profit or EBITDA) of ~0.38-0.45 mEUR. That means a valuation of 4.7 times current year revenue estimates and 20-23 times profit estimates.

The biggest share of revenues for CV Market comes from Estonia, where it operates under the name CV Keskus, followed by the Latvian and Lithuanian subsidiaries.

Earlier this year Tiger Global acquired a 30% share in one of largest Romanian jobboards, with a valuation of 32 times EBITDA.

The acquiring companies also hold interest in, a Russian online recruitment company.

Disclaimer: The author of this post is a co-founder, ex-employee, current small shareholder and supervisory board member of CVO Group, a partially competing regional integrated recruitment services network.