The Australian job search site Seek has forked out $5 million in cash for a 25 per cent stake in fast-growing Bangladeshi jobs site Bdjobs, as it continues its growth strategy in Asia.
The acquisition was made using Seek’s cash reserves, facilitated via a proportional sell-down by early stage investors.
The managing director of Seek’s international division, Jason Lenga, said Bdjobs was well positioned to benefit from increasing internet penetration and economic growth.
“We are excited about this investment in a large, early stage, market leading online employment site in Bangladesh,” Mr Lenga said.
“We look forward to working with the Bdjobs team to capitalise on the growth opportunities.”
Bdjobs has enjoyed a 30 per cent compound annual growth rate in earnings before interest, tax, depreciation and amortisation over the last three years, with EBIDTA margins upwards of 55 per cent.
The jobs site — Bangladesh’s largest — posted a net profit after tax of $US900 million ($A957.81m) in the 2013 calendar year.
Bdjobs’ chief executive and founder Fahim Mashroor remains its biggest shareholder.