Softbank [648]'s US$4.5 billion investment has enabled Asia-Net, an online human resources consultant to issue new shares.
Asia-Net Gets $4.5M Investment from Softbank
By Sheila Lam
Reporter, asia.internet.com
[June 28, 2000--HONG KONG] Asia-Net, an online human resources consultant, secured a 500 million yen (US$4.5 million) investment from Softbank, by issuing new shares.
Meanwhile, the parent company of Asia-Net, Tapestry.Net sold a portion of its shareholding to Softbank Internet Technology Fund No.2, which now holds a majority stake in the company.
"Through this relationship, Asia-Net hopes to receive assistance in order to provide even more value for employers and job seekers as well as shareholders and employees of Asia-Net," said president, Michael Nishi.
Established in 1997 in Japan, Asia-net helps multinational companies and Net/IT related startups in Asia to fill positions. The company currently serves an average of 150 Japanese companies each month, seeking around 400 positions. Asia-Net screens about 50 resumes for each for each position.
For its expansion in Asia, the company entered a joint marketing agreement with Sina.com in April. The agreement allow Sina's users to access Asia-Net's search engine.
Nishi said the company plans to spend $2 million for its expansion in Hong Kong and Singapore. He added the company plans to list in Japan in the next 18-24 months.
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