Asuria, Australia’s second-largest provider of employment services, delivering in excess of $500 million in government contracts, today announces the acquisition of GSCNet, a leading provider of employment services to the Government of South Korea.
With the acquisition of 50% of GSCNet’s stock, the company will join Asuria’s operations in the UK, Sweden, Saudi Arabia, and Australia, effective immediately.
Asuria’s expansion into the South Korean market marks a significant milestone for Asuria and opens up a host of new opportunities for growth and expansion for the company. The acquisition represents an opportunity to work closely with the Government of South Korea to provide the specialised employment expertise for which Asuria has become renowned through its operations stretching back over 25 years.
By investing in GSCNet, Asuria will combine its global reach and expertise with GSCNet's established presence in the South Korean market. While GSCNet’s localised approach will be preserved to maintain the strong local presence and understanding of domestic job market dynamics, by integrating Asuria's resources and knowledge, GSCNet will gain access to a wealth of innovative ideas, and a broader network of international connections.
Australia's pioneering employment services have been well recognised in offering somewhat of a blueprint for nations aiming to improve employment services and fiscal responsibility. Unlike most OECD countries, Australia's diverse mix of for-profit and non-profit providers deliver mainstream employment services, operating within a ‘quasi-market’ framework funded by service fees, employment incentives, and a dedicated fund to overcome jobseekers' obstacles. Australia's exceptional employment rates are a testament to this system, and the world recognises it as a model worth emulating, with recommendations for other nations to follow suit.
As Asuria ventures into the South Korean market, the company’s expansion further presents an opportunity to bolster Australian-Korean relations. Dr. Jeffrey Robertson, in consulting the Australian Institute of International Affairs, recently highlighted the neglect of this relationship for two decades due to its smooth economic fit and limited political prominence. Within his recommendations, Dr Robertson emphasised the need for Australia to establish a stronger presence in Seoul's policy circles, focusing on shared challenges in areas like public policy, regional/global governance, economics, and culture. In this respect, such efforts by Asuria can only help to elevate Australia's policy relevance in Seoul and, when combined with Asuria's role, strengthen people-to-people connections, fostering genuine bilateral relationships rather than just a comprehensive strategic partnership.
Responsible for securing the deal, Asuria Executive Chairman, Con Kittos, says: “This infusion of intellectual property and investments will fuel the growth of GSCNet's business, enabling it to offer enhanced services and support to job seekers and employers alike.”
“By combining the best of both worlds, this partnership between Asuria and GSCNet sets the stage for a powerful synergy where local expertise meets global opportunities. The goal is to create a unique proposition that optimises the strengths of each organisation, ultimately delivering comprehensive and innovative employment services to meet the evolving needs of the local community within a global context.”
Established in 2010 and headquartered in Sejong City, GSCNet is the Republic of Korea’s second-largest provider of comprehensive employment, education, and business support solutions, employing over 230 staff across 30 offices, specialising in Employment Startup, Employment Support and Business Support services.
Working with the Government of South Korea for more than 13 years, GSCNet delivers programs including the National Employment Support System, National Employment Support System (Internship Experience), Youth Employment Incentive Funds, Company Visitation Experience Program, Future Tomorrow Experience Program, Jobseeker Employment Consulting, Senior Internship, Jobseeker Employment Capacity Enhancement Program, University Job Plus Centers, Job Fairs, Case Management and Coaching for National Employment Support System, Midlife Career Counselling, and Employment Support Services for Occupational Injured Workers designed to create sustainable employment outcomes for job seekers and businesses in the Republic of Korea.
In addition to their joint commitment to delivering the highest levels of customer satisfaction, Asuria and GSCNet’s shared cultures and ideologies include a focus on inclusiveness, continual innovation, and a commitment to empowering individuality among staff and job seekers.
Con Kittos continues: “Asuria’s services are increasingly in demand by governments globally, with this strategic investment not only establishing a partnership with the local GSCNet, but also presenting an exciting opportunity to expand their operations by leveraging Asuria's intellectual property, innovation, investments, and capabilities.”
Yongsoo Park, CEO, at GSCNet, adds: “We are delighted to welcome Asuria into the employment services sector in South Korea. Asuria’s experience supporting governments around the world to deliver innovative employment solutions will be a welcome addition for job seekers and businesses in South Korea.”
In addition to the Government of South Korea, GSCNet’s other notable clients include the National Institute for the Elderly, Korea Chamber of Commerce and Industry, Korea Workers' Compensation and Welfare Service, Universities, Labour-Management Development Foundation, Gyeongsangbuk-do Province, and Gyeongsangbuk-do Economic Promotion Agency.
At the time of acquisition, there are no plans for redundancies, with Asuria committed to strengthening GSCNet’s capabilities, locations, and headcount.
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