The Washington Post reported,
TrueCareers acquires CareerCity

TrueCareers Inc., the online recruiting company owned by student loan giant Sallie Mae, has acquired CareerCity Inc., an Avon, Mass., competitor.
Executives of both companies declined to disclose the financial terms of the deal. Sallie Mae, formally called SLM Corp., launched TrueCareers in October 2001 in an effort to expand its services to college borrowers. The Reston firm aimed to differentiate itself from competitors such as Monster.com and Career Holdings, by targeting college graduates looking for professional positions.
The company said nearly 90 percent of its users have a college degree. CareerCity, founded in 1995 and owned by business and career publisher Adams Media Corp., similarly focused on the college-educated set. "They had put significant resources into building CareerCity as a site and attracting candidates to it -- just getting its name out there," said Michael A. Caggiano, chief executive of TrueCareers. "We just said, 'Hey, this is a great opportunity to add college-educated candidates and link to a great company.' It fit very well with our strategy." The Reston company will now have access to career and business-related content from Adams Media. Current contracts with advertisers will be honored by TrueCareers and users will be rerouted to the site, Caggiano said. This is the first acquisition for TrueCareers, which has between 500,000 and 700,000 unique visitors to its site each month, according to Caggiano. CareerCity, he said, has about 400,000 unique visitors per month. CareerCity had one employee who left voluntarily when the acquisition closed, said Bob Adams, president and chief executive of Adams Media. None of TrueCareers' 40 employees will be laid off as a result of the acquisition.