Stepstone ASA is the leading online recruitment and career services company in Europe. The Company offers employers the opportunity to describe job opportunities on its website which is visited by thousands of job seekers every week or to search Stepstone’s database of resumes for potential candidates. Based in Oslo, Norway, Stepstone currently has operations throughout Europe.
Stepstone wanted to raise a significant amount of marketing and brand advertising money that could be used to distance itself from its European competition, prepare for additional competition from US players and bring a US/European perspective to a promising young company. Outcome Capital helped Stepstone plan for the offering, organized a “road show” to meet potential investors and provided advice on the negotiation and structuring of the transaction. This financing was complex due to the significant problems created by Norwegian law in structuring convertible preferred stock. Stepstone raised $22 million from this private placement to be used for the expansion of the company’s operations through acquisition, for advertising and marketing, and to provide liquidity for some shareholders.
Stepstone completed an IPO in March 2000 with Morgan Stanley as the lead underwriter and currently trades on the Oslo and London exchanges.