DHI Group Inc. announced that it has sold its hospitality business, Hcareers, to Virgil Holdings Inc. for approximately $16.5 million in cash. The transaction closed on May 23. DHI will use the proceeds in accordance with its stated capital allocation strategy, including the reduction of the balance on its revolving credit facility, support of strategic initiatives and potential return of capital to shareholders, the online career resource company said in a release. DHI previously announced its intention to divest four of its non-tech businesses in May 2017 as part of a strategy to focus on tech and helping technology professionals manage their careers; the Hcareers sale substantially completes the divestiture process for its non-tech businesses. The New York City-based company, which specializes in career sites for technology, security cleared professionals, financial services and energy industries, has an operations center in Urbandale.
