Acer Invests $.5m in Seek

Acer Computer Australia has invested half a million dollars in Australian online employment site, Seek Communications.

The investment will come from the Acer Technology Partners Fund - an $30 million venture fund that was established in June 1999 to support innovative high-technology companies in Australia.

Seek Communications CEO, Paul Bassat said the investment, and subsequent relationship with Acer, will assist Seek to expand its exposure to emerging markets.

Acer Computer oceanic region's managing director, Charles Chung said Australia has a wealth of IT skills and business ideas, and the ATPF aims to nurture these valuable assets, and provide them with long-term financial support.

"ATPF, as well as a number of Seek's existing shareholders, participated in the capital raising completed earlier this month to fund expansion opportunities," Bassat said.

Bassat said the company will look for opportunities for Seek to leverage Acer's relationships outside Australia, particularly in Asian markets.

Seek is ATPF's fourth financial investment and together with fund manager Macquarie Technology Ventures and the Victorian State Government's IT agency Multimedia Victoria, the ATPF is actively evaluating further opportunities to boost Australia's technology sector.

Acer joins a list of investors in Seek including Yahoo!, Macquarie Technology Ventures, Australasian Media and Communications Fund, AMWIN, and a number of private investors including Seek's chairman, Irvin Rockman.

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