Leading talent acquisition and engagement platform, LiveHire Limited (ASX: LVH) makes an entry in US market by signing a Managed Service Provider (MSP) / Recruitment Process Outsourcing (RPO) agreement with Workforce Logiq.
Workforce Logiq is a global workforce management entity that enables clients to achieve higher performance, management and financial control over their talent supply chains. Headquartered in Orlando, Florida, Workforce Logiq is backed by the Carlyle Group and provides expert guidance, Real-time analytics and patented technologies, including MSP, Vendor Management System (VMS) and RPO solutions.
Under this agreement, LiveHire technology will support the Workforce Logiq’s clients across both the MSP and RPO markets, initially with the commitment of 5 of its clients. The report read that the Workforce Logiq Agreement will commence with an initial commitment of five implementations of the LiveHire platform in the United States, with clients to be confirmed across a range of industries.
The MSP Market covers the outsourced management of an organisation’s contingent (contractor) hires while the LiveHire’s well established RPO market covers the organisation’s permanent hires.
Christy Forest, CEO of LiveHire, said: “The LiveHire platform is globally unique and striving to solve an acute problem for organisations; how to deliver a candidate experience that can attract, engage, and hire the best talent, at scale, whilst reducing the low-value activities and administration, enabling talent acquisition teams to focus on more strategic initiatives”
The term of the contract has already started on 6 March 2019 and will continue till the end of 12 months beginning from 31 December 2019 or the commencement of services to the fifth client, whichever falls earlier. As per the company’s information, the fees to be paid by Workforce Logiq in respect of the five enterprise clients individually represent Annualised Recurring Revenue (ARR) approximately equal to the ARR per client across all LiveHire clients , in addition to other non-recurring upfront revenue in the form of implementation fees.
It was observed that the release of LiveHire’s Agency Management module has strengthened its MSP Market thereby allowing an MSP provider to engage multiple third-party vendors to submit contract workforce candidates directly into an organisation Live Talent Community. That means now MSP providers can rapidly complete contingent hires for the organisation. Further, the company has recently expanded the addressable market in RPO with the development of its High-Volume Hiring functionality, making it highly applicable and solving an acute problem for larger enterprise in international markets.
Mr Forest added: “The company has been delivering valuable client outcomes in Australia for both its direct enterprise clients and outsourced channel partners, together with setting the benchmark for how the new world of talent acquisition can work. It was only a matter of time before leading international outsourced providers saw the advantage this would provide to their installed and future customer base.”
The management further advised that alongside working with Workforce Logiq’s clients in 50 countries, LiveHire’s targets to commence scaling its platform internationally into an immediate, willing, and broad customer base for future growth.
In today’s trading session, LVH stock price declined by 3.731% to trade at $0.645 on 8 March 2019 (12:58 PM AEST). Over the past 12 months, the stock has fallen by 26.78%, but in the recent past months, LVH has posted outstanding returns with +34% over the past three months.
Also Read: LiveHire’s December Quarter Report
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