We are thrilled to announce the successful acquisition of one of our China-based portfolio companies – MyJob – following a strategic investment from BOSS Zhipin (NASDAQ, BZ), the largest online recruitment platform in China. The exit not only marks a financial win for the company’s founders and investors but it is also an alignment with a company that shares our ethos of transformative technological solutions.

Since its inception in 2013, Myjob has asserted its dominance in the Chinese blue-collar recruitment domain, forging connections between millions of workers and prominent manufacturers, including industry giants like Foxconn, ASUS, and LuxShare ICT. Myjob's ascent as an industry pioneer was a response to the urgent call for innovation within a vast yet underperforming labor market, compounded by the critical scarcity of factory labor.

Committed to improving the welfare and career opportunities of blue-collar workers, Myjob provided free pre-job training to overcome educational barriers. The company empowered this essential workforce segment with opportunities for personal growth and societal advancement, positively impacting the wider community. This leadership position and dedication to social responsibility catalyzed NGP Capital's investment during pivotal funding rounds in 2015 and 2017, injecting substantial capital to drive growth and innovation.

Witnessing a 70% compound annual growth rate since 2016, and a remarkable twenty-threefold increase in net income in 2017, Myjob has demonstrated significant financial vigor, thanks to strategic improvements in margins and customer acquisition efficiency.

NGP Capital's role as the lead investor in the Series B-1 round involved more than just financial support; it included strategic guidance and operational oversight that pushed Myjob to pioneer new frontiers and challenge the status quo of traditional industries. BOSS recognized the inherent value in Myjob’s specialization in industrial worker placement and its robust team, which aligns with BOSS's mission to improve recruitment outcomes through technology.

This successful exit from Myjob is not only a financial triumph but also an affirmation of NGP Capital’s investment philosophy: deep engagement and the pursuit of long-term value. Our conviction in Myjob’s founding team’s passion for innovation and their leadership in technology and business models reflects the founder traits NGP Capital consistently seeks and supports.

With its highly interactive mobile applications and expansive network, BOSS is the leading player in connecting job seekers with enterprise users throughout the recruitment cycle serving. BOSS will acquire Myjob’s extensive experience engaging with blue-collar workers, and its methodology in managing users via social networks.

There are great synergies between the two companies. Together, they could cover bigger markets from gold to white to blue-collar workers to college students, and they can engage users through mobile and social, online and offline.

As Myjob embarks on its next chapter under the stewardship of BOSS, expanding its blue-collar business amid new opportunities, we remain dedicated to investing in companies poised to reshape the industrial landscape, leveraging our market proficiency to cultivate the next wave of industry innovation.