Freelancer.com’s Matt Barrie turns down $US400m payday

September 18, 2013 Leave a comment

Freelancer.com’s Matt Barrie turns down $US400m payday

PUBLISHED: 1 HOUR 39 MINUTES AGO | UPDATE: 0 HOUR 32 MINUTES AGO

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“I don’t think I’m ready to sit by the beach just yet,” says Matt Barrie, chief executive of Freelancer.com. Photo: Fairfax

JESSICA GARDNER

Freelancer.com chief executive Matt Barrie has turned down offers to sell the online job outsourcing marketplace in favour of a domestic public listing before the end of the year. The company was recently linked to a $US400 million ($428 million) bid from Japanese company Recruit Co, which would have given Mr Barrie a $US200 million pay day. Mr Barrie wouldn’t comment on the offer but said he has decided to turn down a number of different deals in favour of a public float. “We had a number of things in front of us including active terms sheets from VC [venture capital], private equity and banks, [as well as] offers, at varying stages of completion from more than one party to sell the company 100 per cent,” he said. “After careful consideration of these options we’ve decided to take the company public on the ASX [Australian Securities Exchange] and will do by end of year.” Mr Barrie said his goal was to build Australia’s “first big global consumer internet company.” “Out of all the options [listing on the ASX] gives us the best opportunity to achieve that while staying masters of our own destiny.” A trade sale of Freelancer.com would have brought Mr Barrie significant wealth, given he owns 50 per cent of the company. But he said that route would have left him unfulfilled. “There are almost 9 million people on Freelancer. eBay has almost 9 million people just in Australia alone. It’s such early days.” “I don’t think I’m ready to sit by the beach just yet.”

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