Seek buys into Bangladesh

Seek has taken another step in its international expansion with $5m deal.

Seek has taken another step in its international expansion by investing $US5 million ($5.3m) for a 25 per cent stake in Bangladesh’s leading online employment marketplace, bdjobs.com.

Bdjobs is the leading online employment marketplace in Bangladesh, which Seek said had a strong lead in traffic and ad volume metrics and a strong financial track record.

The group’s results last year were revenue of $US1.8m, EBITDA of $US1.0m and net profit of $US0.9m.

Seek said it expected the transaction to be earnings per share accretive immediately.

Bdjobs chief executive and founder Fahim Mashroor will remain the largest shareholder in the business post-transaction after selling down his stake to give Seek its interest in the business.

The deal is in line with Seek chief executive Andrew Bassat’s push to generate well over 50 per cent of earnings from offshore in coming years. In March the company paid $580m to acquire online Asian employment business JobStreet.

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