Business News
Acquisition Creates Top B2B Media Platform in Fast-Growing Segments
Tuesday 25. March 2008 - Crossing Media, Owner of HRO Today, FAO Today, CRO and HRO Europe Magazines, Acquires SharedXpertise
Crossing Media LLC, owner of HRO Today, FAO Today, CRO and HRO Europe magazines, today announced it has completed acquisition of the U.S. and European assets of SharedXpertise, owners and operators of SharedXpertise.com, the HRO Association and HRO World Europe Conference. The merger creates the new publishing and events leader in three rapidly accelerating niches: the human resources outsourcing (HRO), finance and administrative outsourcing (FAO), and corporate responsibility officer (CRO) segments.
“This merger reunites HRO Today and HRO Europe magazines with management of the HRO Association and the HRO World Europe Conference, assets that all sprang from the original success of HRO Today magazine,” says Elliot Clark, CEO and Chairman of Crossing Media LLC. “And it rounds out the Crossing Media platform, which now dominates the fast-growth HRO, FAO and CRO markets with its content, community and conference businesses.”
The acquisition, while accretive to Crossing’s earnings, was achieved by an exchange of stock, says Clark. A valuation on the combination was not given.
In April 2007, Crossing Media completed acquisition of HRO Today, HRO Europe and FAO Today Magazines, the Outsourcing Today LLC properties. Jay Whitehead’s newest properties, CRO Magazine and CRO Conferences, were added in January 2008 when Whitehead and Clark agreed to combine forces. According to Whitehead, who takes the role of Crossing’s President and Publisher across the entire product line, “The SharedXpertise acquisition was a natural next step. When it became available, we at Crossing were in the fortunate position of being able to do the deal with speed and in a way that delivers strong value for all stakeholders, especially our customers and readers.”
Richard Crespin, CEO of SharedXpertise, will remain as Executive Director of the HRO Association in the U.S. and Europe and will take the role as President of Member Services across all Crossing Media associations. “Crossing Media is the right home for the SharedXpertise properties,” says Crespin, “since the products get a big boost from cross-marketing with the HRO and FAO magazines.”
Crossing Media LLC retains its global headquarters in Edison, NJ, and will retain a Brussels headquarters for its European staff and operations, with additional staff in Washington D.C. and Long Island, NY.