Patrick Grove

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Patrick Grove
File:Patrick Grove Corporate Shot take in KL 2008.jpg
Born (1975-04-30) 30 April 1975 (age 49)
Singapore
Occupation Co-founder & group CEO, Catcha Group
Co-founder, iProperty Group
Co-founder and Director, Rev Asia (0173)
Co-founder & Chairman, iCar Asia (ASX:ICQ),
Co-founder, Ensogo (ASX:E88)
Co-founder & Chairman, iFLIX
Net worth A$587m (May 2016)

Patrick Y-Kin Grove (born 30 April 1975) is recognised as one of the leading Internet and media entrepreneurs in Asia.[1]

Grove is the co-founder and chief executive officer of Catcha Group,[2][3] and additionally serves as co-founder and Chairman of all of Catcha Group portfolio companies listed on the Australian Securities Exchange, including iProperty Group, iCar Asia and Ensogo. He is also co-founder and a director of Rev Asia, Bursa Malaysia-listed, online media and publishing company.

Between 1999 and 2013, he took all four companies he founded from start-up to initial public offering (IPO).

Grove is additionally co-founder and Chairman of Catcha Group's newest business, iflix, Southeast Asia's leading Internet TV service, launched in Malaysia and the Philippines in May 2015, with key Southeast Asian markets, including Thailand, Indonesia, and Vietnam to follow throughout the year.

His accolades include being named as one of Australia Unlimited: 50 Global Achievers by the Australian Trade Commission,[4] Asia's Best Young Entrepreneurs by Bloomberg Businessweek,[5] Top Entrepreneur under 40 by Business Week Asia,[6] and Global Leader of Tomorrow and New Asian Leader by the World Economic Forum[7] two years consecutively. He served as a judge, alongside Sir Richard Branson, and Steve Wozniak in the 2014 Talent Unleashed Awards,[8] and also on the judging panel for television series Angel's Gate which was broadcast on Channel NewsAsia in 2012.[9]

Career

Whilst still a student at the University of Sydney in Australia, Grove started two companies. Upon graduating in 1996, he joined Arthur Andersen[10] before leaving in June 1999 to start the dot-com company Catcha.com. In an article in Australia Unlimited, he is quoted as saying: "I wanted to start my own business whilst in college but my parents wouldn’t let me. We made a deal that I would finish university and work at Arthur Andersen for three years before I could do anything I want. I left after two-and-a-half years, as I couldn't resist the urge to move back to Asia to start Catcha."[11]

Catcha.com quickly became a high-profile dot-com in Asia[12] and raised over US$12 million from a combination of angel investors, venture capitalists and publicly listed companies.[13] The company received approval in principle from the Stock Exchange of Singapore in early 2000. Whilst on a global IPO roadshow, the NASDAQ crashed in April 2000[14] and the IPO was famously aborted[15] as the company become a victim of the dot-com bubble.

With an aborted IPO, a collapsing media environment and US$1.5m in debt[16] bankruptcy seemed imminent, but Grove managed to turn the company around and is credited with being one of the rare dot-com survivors.

By 2004–2005 Grove and his partners had turned around the business and completed a successful management buyout.[17]

In 2006, Grove moved back into the online space by founding the iProperty Group which was successfully listed on the Australian Stock Exchange in 2007. [18] He and his partners revamped and grew the business into the largest network of online property portals in Asia, operating in Malaysia, Indonesia, Singapore, Hong Kong and Macau with investments in India and the Philippines. Following a meeting with Rupert Murdoch in June 2014, he invested US$100m into the company[19] In February 2016, the company was acquired by REA Group, a subsidiary of News Corporation for A$751m in one of the largest acquisitions of an ASEAN Internet Company [20]

In 2009, Catcha launched Catcha Digital in conjunction with Microsoft to run all their online assets in Malaysia.[21] In July 2011, Grove listed the company, then called Catcha Media Berhad on the Malaysian Stock Exchange. Following the merger between Catcha Media subsidiaries and Says Sdn Bhd, a new company, Rev Asia Media Equity Holdings Sdn Bhd was formed.[22] Catcha Media further announced in July 2014 that it had changed its name to Rev Asia Berhad.[23]

In September 2012, Grove listed the third company he founded, iCar Asia, on the Australian Securities Exchange.[24][25] iCar owns and operates ASEAN's largest network of online automotive sites in Malaysia, Indonesia and Thailand.[26] In March 2013, Australia's leading online cars classifieds Carsales.com Limited acquired a 19.9% seat in the company,[27] later increasing its shareholding in iCar Asia to 22.9% in March 2014.[28] The S&P Dow Jones Indices announced iCar's inclusion to the All Ordinaries Index on 21 March 2014.[29]

Grove had his fourth IPO with the listing of iBuy Group on the Australian Securities Exchange on 20 December 2013.[30] iBuy is a leading e-commerce player in Southeast Asia.[31] In early 2014, iBuy Group acquired the Southeast Asia arm of LivingSocial spreading their reach to consumers in Indonesia, Thailand and the Philippines.[32]

Besides the four listed companies, Grove also controls a number of private companies including iflix, Southeast Asia's leading Internet TV service, launched in Malaysia and the Philippines in May 2014, and has additionally invested in Frontier Digital Ventures, a digital investment firm focusing on online classifieds in frontier markets.[33]

In May 2016, Grove's net wealth was estimated to be A$587 million by the BRW Rich 200 list, an annual list of the Richest People from Australia. [34] He was also recognised in the 2016 Forbes Annual List of 50 Richest Malaysians [35]

Business strategy

Focusing on investments within the online sector, Patrick Grove has made his mark with a simple strategy: look at what works in the West and bring it to the East.[36] "When I was growing up and I looked at the wealthiest people in Asia, it was never anyone who invented anything. It was just someone who took an idea from the West and brought it to Asia ... I decided to do the same."

Specifically he has, through Catcha Group, targeted the emerging markets saying "I love emerging markets. If there’s a market anywhere in the world that’s emerging, I get it – it’s in my DNA.”[37] He is especially bullish about the business opportunities presented by Southeast Asia.[38]

Grove has gained a reputation and much respect for his perseverance, particularly in the face of adversity, and has spoken at various start-up and entrepreneur events such as Startup Grind and the regional Echelon.[39] He is quoted as saying "The things I have learnt about how to run a business can only be learnt in tough times," he says. "If you have been through [difficulty] before, you don't fear it. You just roll up your sleeves and get on with it."[40]

Television work

Grove served as one of the judges on the reality TV series Angel's Gate, which began broadcasting on Channel NewsAsia in February 2012.[41] The show gives budding entrepreneurs in Asia an opportunity to pitch business ideas to investors.

Recognition

Among the awards and recognition Grove has received for his entrepreneurial achievements are:

  • 2000: Named a "Global Leader of Tomorrow" by the World Economic Forum[42]
  • 2002: Named a "New Asian Leader" by the World Economic Forum
  • 2004: "Austcham Young Entrepreneur of the Year"[43]
  • 2007: Recognised by KLue magazine among the "Top 40 under 40 to watch"
  • 2008: Named as one of "Asia's Best Young Entrepreneurs 2008" by Bloomberg Businessweek[44]
  • 2011-2014: Named on the "BRW Young Rich List", part of the annual BRW Rich 200[45][46]
  • 2013: Named in the Australia Unlimited "50 Global Achievers" list[47]
  • 2014: Judge in Talent Unleashed Awards, alongside Sir Richard Branson and Steve Wozniak.[48]

Early life and education

Grove spent his early years in Singapore and Indonesia, where he studied at Tanglin Trust School, the United World College of South East Asia[49] and the Jakarta International School. He moved to Sydney in 1993 and completed his high school education at the Scots College.

Grove then went on to the University of Sydney, where he majored in Finance and Accounting and completed a Bachelor of Commerce degree.

Personal life

Grove was born in Singapore on 30 April 1975 to a Singaporean-Chinese mother (Diana Grove) and an Australian father (Philip Grove). He has two brothers (Aaron and Daniel) and a sister (Nicole).

References

  1. ↑ Young rich star Patrick Grove plans US$150m Asian investment expansion, "BRW", 1 April 2013
  2. ↑ Catcha Media Corporate Site, Catcha Corporate Site,
  3. ↑ IPGA Corporate Site, IPGA,
  4. ↑ [1],"Australia Unlimited Global 50"
  5. ↑ "Bloomberg Businessweek"
  6. ↑ Asia's Best Young Entrepreneurs 2008, Bloomberg Businessweek, 8 August 2008
  7. ↑ FT Profile, FT Markets
  8. ↑ [2],"Catcha's Patrick Grove joins hunt for tech superstars"
  9. ↑ So you want to be an entrepreneur?, "channelnewsasia.com", 2 February 2012
  10. ↑ Catcha Media Board of Directors
  11. ↑ [3], "The Entrepreneur"
  12. ↑ [4], "Catcha.com growing its presence in S E Asia"
  13. ↑ Zdnet, Catcha.com,
  14. ↑ Nasdaq Crash of April 2000, Nasdaq Crash of April 2000,
  15. ↑ Shaky IPOs chill Singapore's Internet dreams, Asiaweek", 9 June 2000
  16. ↑ Go go Grove, New Straits Times", 16 January 2005'
  17. ↑ [5], "The Entrepreneur"
  18. ↑ Online Property Firm IPGA Debuts on ASX, Sydney Morning Herald", 11 September 2007'
  19. ↑ Catcha Group secures US$100m investment in portfolio company iProperty.com, "Yahoo News, July 31, 2014
  20. ↑ [6], "Straits Times Nov 2016
  21. ↑ MSN Embraces Magazines in Malaysia, Asia Media Journal", 4 September 2009'
  22. ↑ Catcha Media Berhad forms "Rev" Asia, "Catcha Media Corporate Site", 10 October 2013
  23. ↑ Catcha Media Berhad is now Rev Asia Berhad, "Rev Asia Corporate Site" 4 July 2014
  24. ↑ Catcha Media's iCar Lists On ASX, Asia Media Journal 4 September 2009
  25. ↑ Patrick Grove about to get his Hattrick, digitalnewsasia, 24 August 2012
  26. ↑ Catcha Group secures US$100m investment in portfolio company iProperty.com, "Business Insider", 31 July 2014
  27. ↑ Carsales.com drives into Asia, "9 News Finance", 15 March 2013
  28. ↑ Carsales moves to 22.9% of iCar Asia, "The Australian", 5 March 2014
  29. ↑ S&P DJ Indices Announces March Quarterly Rebalance "S&P/Dow Jones Index Announcement", 7 March 2014
  30. ↑ iBuy shares close 4pc above listing price, Australian Financial Review", 20 December 2013'
  31. ↑ iBuy Group Ranked Number One E-Commerce Player in Southeast Asia, 'The Wall Street Journal", 23 June 2014'
  32. ↑ [7], "LivingSocial pulls out of Southeast Asia with sale of its remaining regional business units"
  33. ↑ [8], "Frontier Digital Ventures launched; acquires 30% stake in Zameen.com"
  34. ↑ [9], "Patrick Grove's journey from Young Rick to the main Rich List"
  35. ↑ [10], "Forbes Malaysia's 50 Richest"
  36. ↑ [11], "Catcha Group's Patrick Grove: reinventing Asia online"
  37. ↑ [12], "Catcha Group's Patrick Grove: reinventing Asia online"
  38. ↑ [13], "SE Asia is ripe for Australian technology investment"
  39. ↑ [14], "Patrick Grove of Catcha Group shares the secret ingredients of a successful IPO"
  40. ↑ [15], "Seizing the day and beyond"
  41. ↑ So you want to be an entrepreneur?, "channelnewsasia.com", 2 February 2012
  42. ↑ FT Profile, FT Markets
  43. ↑ Prestige Asia, Prestige
  44. ↑ Asia's Best Young Entrepreneurs 2008, Bloomberg Businessweek, 8 August 2008
  45. ↑ [16],"Tech Kings Dominate BRW Young Rich"
  46. ↑ [17],"Young Rich List 2012"
  47. ↑ [18],"Australia Unlimited Global 50"
  48. ↑ [19],"Catcha's Patrick Grove joins hunt for tech superstars"
  49. ↑ UWCSEA, UWCSEA,

External links

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