Sunday 2 March 2014

Jobstreet: excellent entrepeneurship

"Jobstreet's buyout by Seek Ltd was a deal welcomed by all -- and most notably, by shareholders of the Australian company. Following news of the deal, which will see Seek owning 75 percent of the merged JobsDB/JobStreet entity, shares in Seek surged by almost 18 per cent, clearly buoyed by the mushrooming potential of its ownership of two market-leading Asian online businesses.

The Seek buyout is, for Jobstreet, a culmination of many years of prudent growth and costs management. Its founding team deserves their success and this serves as a timely reminder that Malaysia is capable of building a world-class business when it is managed properly."

The above words are from MSWG's weekly newsletter of February 28, 2014. Very nice words with which we can only agree.

In this time of large IPO's, rights issues, private placements, delisting and relisting exercises, it is refreshing to see a entrepreneur growing his company the "old fashioned" way, through shear hard work and determination.

I have never personally met Mark Chang (the founder and CEO of Jobstreet), but I know people who did, and they all seem to agree on him: clever, hard working and very humble.

The deal appears to be squeaky-clean. With LinkedIn being a very real threat, the deal looks (very) sweet for the current shareholders of JobStreet (which must include many of the staff, having received shares through the ESOS scheme).

This deal is also good for the Malaysian tech-scene, which can use some success cases.

For an evaluation of the remaining company (after the buyout of its main business) I refer to Serious Investing's article.

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