Seek, major Australian-based online job advertiser and recruiter, has unveiled broad expansion plans to delve into the realm of scaleable HR SaaS.
In a move recruiters and Seek’s competitors have been anticipating for some months, Seek spelled out plans to scale-up its fledgling HR and payroll software arm dubbed Employment Hero by aiming it at an Australian addressable market it estimates to be over $1.5 billion.
The move, initially targeted at small to medium businesses, is an important stake in the ground because it signals that Seek is increasingly intending to encroach on key payroll and financial software markets that have propelled the likes of Reckon, MYOB and Xero.
Revealed in the investments breakdown in Seek’s recent annual results, the company told investors it is “investing in key themes leveraged to high growth structural trends”.
“SaaS has proven economics across other verticals (accounting, logistics) and see a similar opportunity in HR Tech focused on enormous SMB market,” Seek’s investor deck said.
A major advantage Seek potentially holds over the likes of LinkedIn or other social media platforms trying to muscle into the online recruitment and talent market, where tech and science jobs are the strongest growth segment, is that Seek’s customers are already used to paying to access the platform.
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