SEEK continues overseas expansion with Brazilian buy

Just a day after buying 10% of Malyasian job advertisers JobStreet, Australia’s dominant online job advertiser SEEK has paid $US67.5 million for 30% stake in a Brazilian company, which operates two job sites.

Just a day after buying 10% of Malyasian job advertisers JobStreet, Australia’s dominant online job advertiser SEEK has paid $US67.5 million for 30% stake in a Brazilian company, which operates two job sites.

Andrew Bassat, SEEK co-founder and joint chief executive, says SEEK has been looking to expand its international footprint and its investments in China, Malaysia and Brazil will make offshore investments a substantial part of its business.

Brasil Online Holdings operates two websites, Catho Online and Manager Online, which Basset says have leading positions in the Brazilian market.

“The Brazilian market is very substantial, with a population of over 190 million, and a GDP of over $US1.3 trillion. With both internet penetration and online advertising growing rapidly off a low base in Brazil, the online employment classifieds market is expected to enjoy significant growth over the next few years.”

The business model in Brazil is different to Australia in that jobseekers pay for using employment sites. Employer-paid advertising products are in the early stages of development and SEEK hopes to use its expertise to grow this side of the business.

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