Webhire, Inc. (Nasdaq: HIRE) rose 1 5/8 to 3 3/4 Wednesday after the firm, which makes software used by companies to recruit workers online, announced $16 million in investments.
Executive search firm Korn/Ferry International (NYSE: KFY) will invest $8 million, and Softbank will put in $4 million. Gemini Investors is also participating in the funding, Webhire said.
The deal will give Softbank a 33 percent stake in the company, and Korn/Ferry will have a 16 percent stake. The two investors will provide up to $6 million in bridge financing, which will apply to their stock purchases when the transaction closes in about 90 days.
Korn/Ferry Vice Chairman Peter Dunn said the partnership will “directly lead to the development of new, innovative services in Internet recruitment.”