JobStreet
Type of businessSubsidiary
Type of site
Job search engine
Available inIndonesian, English
Founded1997 (1997) in Malaysia
Headquarters
Kuala Lumpur
,
Malaysia
Area servedMalaysia, Philippines, Singapore and Indonesia
Founder(s)Mark Chang Mun Kee
ServicesInternet
ParentSeek Limited
URLwww.jobstreet.com

JobStreet is a Southeast Asian online employment company which runs an employment website of the same name.

Founded in Malaysia in 1997, it is now Southeast Asia's largest online employment company, according to Forbes.[1] JobStreet expanded its presence across the region and currently operates in Malaysia, Indonesia, the Philippines, and Singapore.

In November 2014, JobStreet became part of the Australian Stock Exchange-listed SEEK Limited.[2]

History

Envisioned to provide an automated platform for accurately matching employers and jobseekers, JobStreet was founded by Mark Chang Mun Kee as a spin-off of MOL.com in 1995. The starting capital of JobStreet was reportedly US$2.6 million back then.[3] Prior to that, its parent company MOL AccessPortal was sold to Vincent Tan, the CEO of Berjaya Group for US$3.2 million.[3] Conservative management[4] helped the company sidestep the dot-com bust in 2000s.[3] In 1999, San Francisco venture capital firm Walden International and Sumitomo Corporation Capital Asia made $1.6 million investment in the company and increased its stake in JobStreet to 30% in 2001. Walden catalyzed JobStreet's move from a start-up to a regional major market player. It urged Mark Chang to hire executives with business experience, to expand to other key Southeast Asia countries and to trim cost.

It became a public listed entity in 2004 when parent company JobStreet Corporation Berhad was listed on the MESDAQ Market of Bursa Malaysia Securities on 29 Nov 2004. Thereafter, JobStreet.com was listed on the Main Board in October 2007,[5] under stock short name, JOBST. JobStreet owns 22.43% of the Taiwanese online employment provider 104 Corporation,[6] 21.13% of the online marketing technology and services company, Innity Corporation and the automotive portal, Autoworld.com.my.[7]

JobStreet.com was selected by Forbes Asia as Best 200 Under a Billion company in 2007 and 2008.[8] In April 2013, it crossed the RM1 billion market capitalization milestone.[9] Following its purchase of 10.1% stake in 2008 for $19.3 million[10] and another 11.2% stake for RM70.9 million in 2010,[11] SEEK Limited, the Australian internet job recruitment company made a complete takeover in 2014 for RM 1.73 billion[12][13] together with co-investors, News Corp, Tiger Global and Macquarie Capital.[14]

References

  1. ↑ "Turning Classifieds Into Cash". Forbes. 2008-01-18. Retrieved 2013-10-28.
  2. ↑ "View | STAR Employers | Scholarship Talent Attraction and Retention (STAR) | TalentCorp". star.talentcorp.com.my. Retrieved 2023-01-23.
  3. 1 2 3 Prystay, Cris (January 28, 2008). "Turning Classifieds Into Cash". Forbes.com. Retrieved 2013-10-28.
  4. ↑ "Online recruitment firm Jobstreet's resume is looking good". Asian Business. Far East Trade Press. 2001. p. 19.
  5. ↑ "Bernama Media Relations: Jobstreet.Com Transfers To Main Board". Mrem.bernama.com. Retrieved 2012-07-13.
  6. ↑ JobStreet.com Annual Report 2012 (PDF). JobStreet.com. 2012. p. 4. Archived from the original (PDF) on 2019-07-12. Retrieved 2014-03-07.
  7. ↑ "Jobstreet Corporation Bhd Quarterly Report Notes 31 Mar 2008" (PDF). Ir.chartnexus.com. Archived from the original (PDF) on 2012-02-20. Retrieved 2012-07-13.
  8. ↑ "Forbes Asia's Best 200 Under A Billion company". Forbes.com. 2008-09-19. Retrieved 2012-07-13.
  9. ↑ Singh, Karamjit (8 May 2013). "JobStreet hits milestone, crosses RM1bil market cap". Digital News Asia. Retrieved 7 March 2014.
  10. ↑ "LIVENEWS.com.au". Archived from the original on 2008-09-21. Retrieved 2008-10-03.
  11. ↑ "Seek ups stake in JobStreet". The Australian. 10 March 2010. Retrieved 7 March 2014.
  12. ↑ "Australia's SeekAsia buying JobStreet's business for RM1.73b (Update)". The Star. Feb 19, 2014. Retrieved 7 March 2014.
  13. ↑ "JobStreet to pay almost all of $661 million from sale of online business as dividend". Asia News Network. Feb 20, 2014. Archived from the original on February 26, 2014. Retrieved 7 March 2014.
  14. ↑ Moullakis, Joyce (24 Feb 2014). "Behind the deal: SEEK's Asia push a long game". BRW. Archived from the original on 7 March 2014. Retrieved 7 March 2014.
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