CV Check’s Comprehensive Product Suite Making Verification Checks Highly Secure & Automated

Australia-based CV Check Limited (ASX: CV1), incorporated in 2004, is a young and dynamic IT company operating a technology platform as a service business that delivers people screening and verification services to corporates, SMEs and consumers across Australia and New Zealand. Over the years, the company has continually modified and enhanced its technology platform, since its launch in 2006, and incorporated various changes for client satisfaction and optimisation of their order experience, ensuring the services remain relevant in a rapidly evolving world.

Source: Non-Deal Roadshow Presentation

Every year, several private and government organisations, employers and individuals outsource verification checks (more than 300,000 per annum) offered by CV Check, that enables easy and safe exchange of personal and professional information on its platform. The company has a locally-based team with global coverage of operations across 90 countries.

CV Check’s clients include –

Source: Non-Deal Roadshow Presentation

CV Check is committed to providing reliable information through the following suite of checks

CV Check offers the National Police Checking Service (NPCS) accredited by the Australian Criminal Intelligence Commission (ACIC), thus enabling clients to skip queues, paper forms and snail mail. Since the company is directly connected to the Federal Police systems, most of the results (70% of all checks) are returned in less than a day through a web report that can be downloaded. CV Check’s Police Checks have gained the trust of government departments, licensing authorities and employers over the years.

Pre-employment reference checks are extremely essential for avoiding a known risk to the business and personal reputation of the company. But these are tediously time-consuming. CV Check offers Streamlined Employment Reference Check and Verified Employment Reference Check, which are fast and cost effective, saving hours of admin time and money for its clients, thus helping Human Resources Departments to improve their efficiency by up to 32%.

CV Check helps businesses, in Australia and internationally, to hire candidates who are ideal match for their companies by conducting in-depth pre-employment screenings from police checks, to history and background checks. There may be certain risks associated with hiring new employees such as the candidate not living up his/her role, inability to fit into the branding and culture of the company, inexperience in dealing with niche clients, and others. Thus, CV Check ensures that these risks are eliminated and helps the businesses to focus on other key areas such as company’s growth, enhancing the financial strength and expanding career growth opportunities for the employees.

Some organisations have position of responsibilities where the staff has access to financial controls, purchasing, or similar information, which increases the risk of fraud or economic crimes. Thus, pre-employment screening is imperative for such roles, as it reduces the chances of a mere administrative pain or a total catastrophe for the company. CV Check specialises in Anti Money Laundering (AML), Bankruptcy and Credit History Checks, so that the business is compliant to all licensing requirements and any conflicts of interest, questionable credit history and other potential risk factors may be identified beforehand.

CV Check also makes smarter hiring decisions possible by harnessing the power of data-driven psychometric assessments, based on real-world case studies, to scientifically predict a candidate’s suitability for a range of roles as well as future job performance. The service is available in Australia as well as internationally.

CV Check is your company when requiring an international police check, when a business is hiring an overseas candidate, or when a person is new to the country and applying for positions. From Afghanistan to Zimbabwe, the company offers more than 1,000 verification checks covering 190 countries, demonstrating its vast international coverage.

CV Check offers this service when a position involving driving is at stake. The company is directly connected to the relevant government authorities, ensuring that all records are accurate and up to date. For instance, while hiring courier drivers, transport drivers, truck drivers, chauffeurs, or any related position that includes a company vehicle, driving licence checks are the most cost-effective way to safeguard the business.

The company has established strong relationships with channel partners, customers, and suppliers. During FY18, new commercial partnerships were secured following the successful technology integration with four HR platform providers – JobAdder, PageUp, SnapHire and Springboard. Also, in 2016, the company secured the contract as the provider of choice for the Child Worker Safety Checks in New Zealand for the Ministry of Health, the Ministry of Social Development and the Ministry of Education.

The company is primarily focussed on channel partnerships, customer retention, technology enhancements, cost reductions and identifying efficiencies to enhance the ability to further scale the business.

Recent Updates

  • In June 2019, the Public Fundraising Regulatory Association (PFRA) adopted CV1 as part of its regulatory function in the charities and not-for-profit industry sector, which already comprises over 50,000 registered charities across Australia with many more registering every month. The full scale of the opportunity is currently being evaluated by CV Check, and for the enterprises already on board, the annual recurring revenue (ARR) per account is expected to range between $ 12,500 and $ 25,000.
  • In the same month, the company informed that its Business-to-Business segment (B2B) continues to grow rapidly with over 10 new Large Enterprise customer engagements secured in one month alone. Notable new customers include G4S Australia Limited, Kennards Hire, Baptistcare, Bluefin Resources Pty Ltd, Bluestone Resources Inc., National Hearing Care Australia, two additional Singtel Optus Pty Limited satellite divisions, a major hotel chain amongst others.
  • During the June 2019 quarter, CV Check launched the first of its proposed white-label solutions and on-boarded Visy Industries as its foundation customer.

Financial Performance snapshot – The company reported positive cash flow of $ 27k for Q4FY19 with operating and investing cashflow, improving by $ 701k pcp or +104%. The revenue for the quarter totalled $ 3.1 million (71% from B2B segment) while the revenue for FY19 amounted to $ 12.4 million, with 70% of sales coming from B2B clients whilst orders of a wider range of products saw gross margin expand 3% to 54%.

CV1’s strengthening tender pipeline, increasing average revenue per account and integrated account management offerings are expected to underpin continued Annualised Recurring Revenue (ARR) growth and a robust financial performance in FY20.

Stock Performance

CV Check debuted on the Australian Securities Exchange (ASX) in September 2015 and has a market capitalisation of around AUD 48.2 million to date with ~ 292.1 million shares outstanding. On 28 August 2019, the CV Check stock closed the day’s trade at AUD 0.150 with ~ 317,334 shares traded. Besides, the CV1 stock has delivered positive returns of 230% YTD and 103.70% in the last six months.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.

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