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Australia – SEEK buys 25% stake in BDjobs.com

16 April 2014

Australia-based job board SEEK (SEK: AU) has acquired a 25% stake in Bangladeshi job board BDjobs.com for a total consideration of USD 5 million, reports thefinancialexpress-bd.com. SEEK made a bid in February 2014 for Malaysian job board Jobstreet, and currently has operations in China, Brazil, Mexico, Thailand, Hong Kong, Indonesia, and Africa.

BDjobs.com has been valued at USD 20 million, which is the highest value of any Bangladesh-owned internet company to date. The investment will be funded by SEEK’s cash reserves and is intended to provide exposure to a large, early stage/high growth market. 

Jason Lenga, Managing Director of SEEK International said: “Bdjobs is well positioned to benefit from increasing internet penetration as well as economic growth. We look forward to working with the Bdjobs team to capitalise on the growth opportunities.”

Fahim Mashroor, Bdjobs CEO and Founder said: “I am delighted that SEEK are investing in Bdjobs. SEEK has a deep understanding of online employment marketplaces and a history of working closely with local management teams to develop value adding services for hirers and jobseekers. We believe this partnership will help accelerate Bdjobs’ growth in the coming years.”

In trading today, SEEK’s share price rose by +3.4% to AUD 16.65 (USD 15.61), an increase of +63.7% compared with a year ago. Based on its current share price, the company has a market value of AUD 5.7 billion (USD 5.3 billion).