What is Brief History of SEEK Company?

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How Did SEEK Transform Job Hunting?

From its humble beginnings in Melbourne, Australia, SEEK has revolutionized how we find jobs. Founded in November 1997, this online employment marketplace swiftly moved from print classifieds to a dynamic digital platform. But what led to its creation, and how did SEEK SWOT Analysis contribute to its success?

The SEEK company story is one of innovation and adaptability. Understanding the SEEK history is crucial for grasping its current dominance in the SEEK employment sector. From its early days as a SEEK platform for SEEK jobs to its international expansion, exploring the SEEK Australia journey reveals key milestones and strategic decisions that shaped the modern recruitment landscape.

The story of the SEEK company began in November 1997. It was founded by brothers Andrew Bassat and Paul Bassat, along with Matt Rockman. This marked the start of a significant transformation in how people find jobs.

The founders saw a problem with the old ways of job searching, like using newspapers. Their idea was to create an online space where job seekers and employers could easily connect. This vision led to the launch of the SEEK platform.

The launch of the website www.seek.com.au in March 1998 was a key moment in SEEK history. The name 'SEEK' itself clearly shows the goal: to help people find jobs and companies find talent. The founders' backgrounds in law and consulting helped them navigate the challenges of starting an online business. The late 1990s, with the internet booming, was a good time for SEEK Australia to shake up the job market.

Key Facts About SEEK's Founding

SEEK company was founded in November 1997 by Andrew Bassat, Paul Bassat, and Matt Rockman.

• The founders aimed to solve the slow process of finding jobs through newspapers.
• The SEEK platform, www.seek.com.au, launched in March 1998.
• The name 'SEEK' reflects the platform's core function: connecting job seekers and employers.
• The founders' backgrounds in law and consulting were crucial for the company's early success.

To learn more about the people behind SEEK, you can read about Owners & Shareholders of SEEK.

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The early growth of the SEEK company was marked by its rapid establishment as a leading online employment marketplace in Australia and New Zealand. This SEEK history began in March 1998 with the launch of its website, quickly surpassing traditional print classifieds. A key moment in its early expansion was its initial public offering (IPO) on the Australian Securities Exchange (ASX) on April 18, 2005.

SEEK Australia's IPO

The SEEK company went public on April 18, 2005, with a market capitalization of $587 million. This IPO was a significant step in the company's journey, providing capital for further expansion and strategic initiatives. The IPO allowed SEEK to increase its visibility and attract further investment.

International Expansion

International expansion started in 2006, focusing on investing in and operating online employment marketplaces. The first international investment was in Zhaopin, an online employment marketplace in China. The company expanded its reach through strategic investments and acquisitions to strengthen its global presence.

SEEK Asia

The initial interests in Jobstreet (2008) and Jobsdb (2010) merged to form SEEK Asia in 2014. By 2018, SEEK had acquired the remaining shares in SEEK Asia, increasing its shareholding to 100%. This consolidation was part of SEEK's strategy to strengthen its position in the Asian market.

Diversification into Education

In 2011, SEEK diversified into education by forming Online Education Services (OES) as a 50% joint venture with Swinburne University. By 2017, SEEK increased its ownership to 80%. OES has since expanded into international markets. This diversification reflects SEEK's broader strategy to capitalize on adjacent opportunities.

SEEK Growth Fund

SEEK's growth efforts included investments in other employment-related businesses and HR SaaS companies through its SEEK Growth Fund. As of August 2024, the portfolio value was $2.108 billion. This fund supports innovation and growth within the broader employment ecosystem.

Market Performance in FY2024

Despite a decline in job ad volumes across APAC in FY2024, with ANZ revenue falling 8% to AUD 840 million and Asia revenue falling 1% to AUD 244 million, SEEK achieved double-digit yield growth. This demonstrates the company's ability to adapt to market challenges. The company’s strategic pricing and product investments helped offset the volume reduction.

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The SEEK company has a rich history marked by significant achievements and strategic responses to various challenges, showcasing its evolution and impact on the job market. Understanding the SEEK history provides insights into its growth strategy and current market position within SEEK Australia.

A key innovation for the SEEK company has been its continuous investment in personalized data and technology solutions to enhance the effectiveness and efficiency of its SEEK employment marketplaces. This focus on data analytics and strong brand engagement has enabled the delivery of innovative products, significantly changing job searching.

Personalized Data Solutions

Investment in personalized data and technology solutions to enhance the effectiveness and efficiency of its employment marketplaces.

Focus on Data Analytics

Leveraging data analytics to improve product offerings and user experience.

Strong Brand Engagement

Building a strong brand to enhance user trust and loyalty, which has contributed to the SEEK platform’s success.

Innovative Products

Delivering innovative products that have significantly changed job searching.

Despite its successes, the SEEK company has faced considerable challenges, particularly economic downturns and competitive pressures. In FY2024, the company experienced a significant reduction in job ad volumes across the Asia Pacific region due to weaker economic conditions.

Economic Downturns

Facing economic downturns that have impacted revenue and net profit. For FY2024, revenue from continuing operations declined by 6% to $1,084.1 million.

Competitive Pressures

Navigating a competitive landscape that requires continuous innovation and adaptation. The adjusted net profit after tax decreased by 33% to $177.4 million in FY2024.

Impairment Charge

Recognizing an AUD 141 million impairment charge related to its investment in China-based Zhaopin.

Market Headwinds

Despite market headwinds, SEEK has maintained its leading market position in Australia and New Zealand, with placement share increasing to the highest in recent history.

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The SEEK company has a rich SEEK history, marked by significant milestones since its inception. Founded in Melbourne, Australia, in November 1997 by Andrew and Paul Bassat and Matt Rockman, it quickly launched its website, seek.com.au, in March 1998. The company's evolution continued with its listing on the Australian Securities Exchange (ASX) on April 18, 2005, with a market capitalization of $587 million. International expansion began in 2006 with an investment in Zhaopin (China), and further growth was achieved through strategic acquisitions and partnerships, solidifying its position in the SEEK employment market.

Asia Market Focus

SEEK is focused on expanding within the Asian market. The company anticipates a return to pre-freemium revenue levels within 12 months of each rollout, with the Philippines launch in May 2024 as a success story. Leadership changes in Singapore and Malaysia are aimed at driving further growth.

Financial Outlook for FY2025

For FY2025, SEEK projects revenue between approximately A$1.02 billion to A$1.14 billion and adjusted net profit after tax between approximately A$130 million to A$180 million. The company expects a partial recovery in Asia during the second half of FY2025.

Technology and Innovation

SEEK is investing in technology, particularly AI, to enhance matching capabilities and user experience on its SEEK platform. This commitment is part of its long-term strategic initiatives to help people find more fulfilling work and help organizations succeed.

Strategic Initiatives

The company plans to monetize its $1.9 billion stake in the Growth Fund, with a liquidity window opening in 2026, which could reduce net debt. These initiatives, alongside the completed Platform Unification program, support the company's growth plans and core employment business.

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