Australia-based leading screening and verification company, CV Check Limited (ASX: CV1) announced on 17 February 2020 that Phase 1 of its strategic alliance with Xref Limited (ASX: XF1) has gone live.
A high-growth business in the HR technology sector, XrefLimitedoffers automated reference checking cloud-based software. The platform helps its clients in saving timeand money during the recruitment process as well as equips them to make smarter, more informed hiring choices.
An expanding business with growing revenue streams,CVCheck Limitedoffers background screening and verification solutions via its world-class online platform to clients including employers, industry associations and individuals. The comprehensive range of candidate verification checks are provided across the globe.
A formidable offering has been created through this strategic alliance that would largely be beneficial to customers of both the companies, which are already leading players in the HR tech market. The multi-platform combines the strengths of CVCheck and Xref, providing each with a large spread in the targeted regions, where these two are already performing exceptionally well.
With the execution of the agreement, the two companies had decided upon a joint go-to-market strategyto figure out how the sales and customer success teams of both companies would deploy the new offering to current and new clients. Immediately afterwards, the system integration process had commenced and to successfully launch the phase 1, the technology teams of both companies productively collaborated to develop a seamless user interface.
As a result, clients can now request CVCheck’s solutions at the click of a button from within Xref’s platform, bringing an elegant end-to-end, full-service background screening solution to Xref customers for the first time. Although, the alliance has been particularly focussed on catering to the clients in the ANZ (Australia and New Zealand) region, Xref’sglobal clients would also be able to use CVCheck’s offering on the platform, as the platform is able to procure checks from around the world.
On the evening of 17 February 2020, the companies had organized a customer launch eventat the new JobAdder offices in Sydney, Australia. At this event, CVCheck and Xref demonstrated the user interface from inside the platform. Having both independently partnered with JobAdder, the three companies see this as an ideal opportunity to showcase the outstanding Australian HR technology community.
CVCheck also added in the announcement that scoping and development of Phase 2 is already ongoing, and it would focus on making Xref available from inside CVCheck’s platform and through its API to all HR Information System partners. Additionally, in the coming days, Xrefaims to to offer CVCheck services to clients using Xref via its HR Information System partners.
Management Comments
“Over the last four years, we have established more than 20 platform integrations and numerous strategic alliances. With every new partnership that is formed, the technology stack, development team, go-to-market strategy and commercial arrangements each play a part in building a sustainable relationship that is beneficial to all parties. Developing our integration with CVCheck has been fantastic on all fronts. We’re excited to be celebrating that as we showcase the work, we have done together with our clients this evening, and are honoured to have the support of mutual partner JobAdder, who will be hosting the event.”- Lee-Martin Seymour, Xref CEO.
He also added that the Company’s first customers would go live very soon, and the benefits of the integration would be available at the earliest in both directions, as Xref becomes available via the CVCheck platform. He further remarked that the Company is looking forward to an exciting journey ahead.
Likewise, Rod Sherwood, CVCheck CEO, also pleased with the collaboration remarked that, CVCheck and Xrefhave one attribute in common, that is, delivering very high-quality customer service which is powered by technology. As foremost people risk management providers across the ANZ region, CVCheck builds trust byproviding verified information and checks for employees as well as contractors and he further highlighted how the two teams have embraced collaborating to achieve mutual benefits to client bases of both the entities.
CVCheck has a market capitalisation of around AUD 15.49 million with ~ 292.2 million shares outstanding. On 25 March 2020, the CV1 stock settled the day’s trade at AUD 0.051.
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