SEEK, a listed provider of online employment services in Australia\u00a0and New Zealand\u00a0has invested US$20 million (R205 million) for a 25% stake in One Africa Media (OAM), the holding group behind\u00a0PrivateProperty.co.za.<\/p>\n
One Africa Media calims to be Africa’s largest online classifieds group by traffic, page views, ad volume and revenue. It\u00a0owns, operates and invests in a portfolio of market leading online marketplaces in the segments of employment, autos, property and travel throughout Africa.<\/p>\n
Seek said the investment has been funded\u00a0via its cash reserves. Post-investment, SEEK\u2019s net debt balance is A$260 million (R2.45 billion), it said.<\/p>\n
According to SEEK, OAM will utilise the majority of the investment to fund further growth in its portfolio and will continue to re-invest to capture the large market opportunities across Africa. Post-transaction, OAM will have a cash balance of US$22 million.<\/p>\n
Jason Lenga, MD of SEEK International said: \u201cAfrica presents a strategic opportunity to benefit from the significant long-term growth\u00a0opportunities for online classifieds businesses. Internet and mobile penetration are growing rapidly and key economies within the region are experiencing substantial increases in GDP.”<\/p>\n
“This investment is in early stage, market leading businesses that position One Africa Media to benefit from both the economic and structural growth in the region.\u201d<\/p>\n
\u201cWe are pleased to be once again partnering with Tiger Global, as well as Carey Eaton (former CIO of SEEK) who is a co-founder of OAM. Carey lives in Kenya and is leading
\nOAM\u2019s efforts in Kenya and Nigeria,\u201d\u00a0Lenga said.<\/p>\n
Safarinow.com, South Africa’s leading travel and accommodation booking website also sits in its portfolio.<\/p>\n
Additional sites include:<\/p>\n
OAM employs over 350 people throughout Africa and has offices in Durban, Cape Town, Nairobi and Lagos.<\/p>\n
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