SEEK, the world's largest online employment marketplace by market capitalisation, has announced the investment of USD$10m for an additional six percent equity ownership in One Africa Media.
One of the many office openings around Africa
OAM owns, operates and invests in a portfolio of leading online marketplaces across jobs, cars, real estate and travel. Its businesses which operate in Nigeria, Kenya, South Africa, Ghana, Uganda, Tanzania and Zimbabwe offer exposure to markets with rapidly growing internet and mobile penetration rates.
SEEK's USD$10m investment provides it with an additional six per cent equity ownership in OAM, and a second representative on the OAM Board. SEEK now owns 30 per cent of OAM.
On the OAM investment, Mr Fink, said "SEEK has been pleased with the performance of OAM as it continues to execute on its key strategic objectives of growing market leadership. Our increased investment reflects the confidence we have in the business and we look forward to continuing our work alongside management to build leader businesses in these fast growing markets."
Justin Clarke Co Founder and CEO of OAM
"Online employment is our most important vertical and SEEK have been extremely valuable strategic partners as we expand our reach and relevance across Sub Saharan Africa." Said Justin Clarke, co-founder and CEO. "We are investing a large portion of the new money into building out our new platform which in the case of recruitment, will be free of the legacy that some of older recruitment portals have to live with. In the newer businesses we remain committed to investing heavily on building strong marketplaces first before we monetise.
OAM has delivered very strong operational KPI growth and has also begun to see some promising top line growth. Since SEEK's initial investment, the business has been expanding its geographical footprint aggressively.
Equity ownership in all OAM subsidiaries have increased with OAM now owning 100% of Jobberman and BrighterMonday, the two job businesses.
Jobs and cars have expanded to new markets, and there has been an acquisition in property in Kenya, and general classifieds in Zimbabwe
The largest business in the group, Private Property South Africa is now break even and is well placed to improve profitability.
OAM will use SEEK's additional investment to drive growth strategies across marketing, sales, product and IT.
With millions of serious buyers and renters browsing www.privateproperty.co.za monthly, we're SA's favourite property portal. List your property with Private Property South Africa (Pty) Ltd, as a private seller or an agent, and we'll bring buyers to your door.
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