Xxiv) SEEK

It started in 1997 in Australia by 2 brothers (Andrew and Paul Bassat) and Matt Rockman. They provide a fantastic passion and a focus on long-term value creation embedded in the organisation

It became a public company in 2005 (valued at around US $ 600 m.). It started as a disruptor in the Australian recruitment/jobs market. It is now the world's largest online employment marketplace that focuses on facilitating the matching of job seekers with employment opportunities and helping hirers find candidates for advertised roles. It has exposure to over 4 b. people.

"...the changes in the online markets globally are moving at an unprecedented pace and we need to be constantly looking at our strategic direction to make sure we are being aggressive enough..."

Neil Chatfield (Chairman, SEEK) as quoted by Patrick Durkin 2016d

To remain at the top of its industry, it has continually needed to reinvent itself by taking risks, eg

- new products like SEEK's English test and student placement spin off, IDP

- expanded internationally into countries in Pacific, Southeast Asia, India, China, Latin America and Africa, New Zealand, China, India, Brazil, Mexico, Indonesia, Nigeria, Bangladesh, Philippines, Vietnam, Thailand, South Africa, Kenya, Malaysia, Hong Kong and Singapore.

- ventures into new markets usually by acquisition (20+ uptil 2016). Prefers to use local management and existing brand(s)

i) China (in 2006 buying a 24% stake in the Chinese online job website Zhaopin which was number 3 in the Chinese marketplace and losing money. By 2016 it had around 70% of the New York listed Zhaopin which has a market capitalisation of around US $900 m. and had become the leading jobs website in China. Investing in China requires a long-term commitment)

ii) Southeast Asia, they own a majority stake in jobs marketplace JobStreet; 80% in JobBD

iii) Latin America, Catho (Brazil), OCC Mundail (Mexico), etc

iv) Africa, eg One Africa Media, etc

v) India, eg Babajob, etc

- many brands like SEEK, Seek Education, Seek Volunteer, Zhaopin, jobDB, Catho, OCC Mundial, Jobberman, JobStreet, Babajobs, Bdjobs, etc

- joint ventures like SEEK learning's online courses with Swinburne Online

- diverse board of directors including

i) Australian billionaire media/gambling/entertainment mogul (James Packer) was a board member from around 2006 to 2013

ii) former Vice Chancellor of the University of South Australia (Denise Bradley)

iii) former managing director of Goldman Sachs (Graham Goldsmith)

iv) technology executive (Julie Fahey)

v) chairman of Costa Group, previously chairman of Virgin Australia airlines, board member of Transurban, ie toll road group (Neil Chatfield)

vi) Lend Lease (property developer) director (Colin Carter)

NB Paul Bassett left SEEK in 2011 and now runs start-up fund Square Peg Capital and sits on the Wesfarmers board and AFL (football) commission

SEEK has delivered total shareholder returns of 600+ % cents from their IPO in 2005, compared with the 100% for the AX200. In February 2016 its half year net profit jumped another 50% to A$ 275 m.

"....five years ago we were facing very aggressive set of competitors and the possibility that our business was starting to mature. We responded to that by investing very aggressively in productive technology both to do a better job with white we are doing and expand where we play. Over the past year and a half, we are really starting see the benefits of that both in terms of market share and coming out better than expected on revenue and profit. now we have over 6 million profiles we have really rich information about people......we want to deliver the perfect experience, and that is seeing every job that is relevant to you but only the jobs that are relevant to you, in the relevant order..."

Andrew Bassat (co-founder & CEO, SEEK) as quoted by Patrick Durkin 2016d

(sources: AFRBoss, 2000; Gary Hamel, 2000a; Jerry Useem 2001; Jack Welch et al, 2001; Gerry van Wyngen, 2003; Charles Handy, 2002; Sean Aylmer, 2004; Betsy Morris, 2004; Janet Guyon, 2004; David Kirkpatrick, 2004; David Kirkpatrick, 2005; Costas Markides, 2003; Marc Gunther, 2004; Sean Aylmer, 2004a; Matthew Boyle, 2004; W. Chan et al, 2005; Spencer Ante, 2004; Geoffrey Colvin, 2005; Carol J Loomis, 2005; Mara Der Hovanesian, 2005; Emily Ross et al, 2004; Anita M McGahan, 2004; Geoffrey Colvin, 2005; Rose-Anne Manns, 2006a; Geoff Colvin, 2006c; Chris Zook, 2007; Brad Hatch, 2007b; Betsy Morris, 2008; Clayton Christensen et al, 2003; Jim Collins, 2008; Richard Branson, 2008; David Rhodes et al, 2009; Catherine Fox, 2008g; Seth Godin, 2007; Brook Turner, 2009; Linda Schmidt, 2010; Peter Roberts, 2010; James Eyers, 2010; Emma Connors, 2010; Brian Corrigan, 2011; Sean Aymer, 2005a; Charles Arthur, 2011; The Guardian, 2012; Dominic White, 2012a; Jason Murphy, 2012; Dominic Rushe, 2012 ; James Chessell et al, 2012 ; Peter Roberts, 2013; AFR, 2013; AFR, 2013; Paul Smith, 2013; Wikipedia, 2013f; John Gapper, 2013; Daniel Thomas, 2013; Ben Holgate, 2013a; AFR, 2013 & a; Tom Mitchell et al, 2013; AFR, 2013b; Patrick Durkin, 2014; Andrew Cornell, 2014; Philip Baker, 2014; Max Mason, 2014; The Lex Column, 2014a; Sue Mitchell, 2014a; The Lex Column, 2014b; Hannah Tattersall, 2014; Max Mason et aL, 2014; Chanticleer, 2014; Tim Higgins, 2015; Hannah Tattersall, 2015; Bangkok Post, 2015a)

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