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ASX Tech Stocks: HR player Xref adds social media scanning partner to its candidate vetting platform
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- XREF adds CheckSocial to its marketplace
- Damstra expands CPB supply agreement for fixed annual fee
- Firstwave plans to acquire Opmantek, launches $14m cap raising
XREF (ASX:XF1)
HR-tech platform Xref announced today that social media-based checking partner CheckSocial has been added to its marketplace.
The company said that over 75% of employers undertake Google searches and conduct social media checks on candidates to assess cultural fit – but that manual checks take time, miss vital information, and have the potential for human bias.
CheckSocial uses artificial intelligence (AI) technology, combined with expert human analysts, to thoroughly vet candidates using a digital footprint check.
Xref says that conducting digital footprint checks on potential new hires gives employers increased confidence that job applicants are the best fit for their organisation, with the added benefit of avoiding the financial, cultural and reputational impacts of a bad hire.
Shares in Xref were around 3.7% lower in morning trade amid a broader market selloff.
Firstwave Cloud Technology (ASX:FCT)
Firstwave also dropped today, down 10%.
The cyber security player plans to acquire Opmantek, a fast- growing provider of enterprise-grade network management, automation and IT audit software to Managed Service Providers (MSP) and medium-to-large businesses.
The company also launched an equity offering to raise up to $14 million, comprising a $7m entitlement offer and $7m placement.
FirstWave executive chairman John Grant said both companies bring highly complementary business models, product offerings and geographic footprints.
“The combination significantly expands the growth potential of both companies by providing truly global reach, an expanded product portfolio and material operational, strategic and financial benefits,” he said.
“For FirstWave this is a transformative transaction, as we will gain access to Opmantek’s channel partners and sales force in the US, the world’s most lucrative market for cybersecurity, as well as Canada and Latin America, both large markets where we do not currently have a foothold.
“We will also benefit from the experience and leadership of Opmantek’s Executive Chairman, Danny Maher, who will become CEO and MD of FirstWave on completion.”
Damstra Holdings (ASX:DTC)
Workplace management software player Damstra was up 4.7% today after signing a variation to the master supply agreement with CPB Contractors Pty Ltd (CPB), the Australasian construction company of the CIMIC Group.
Damstra will extend the usage of its Learnings and digital forms module to all present and future projects with CPB for a fixed annual fee.
Based on user numbers and present projects the company estimates the annual revenue impact at $550,000 per annum for the remainder of the initial term of the agreement – until 30 June 2024.
Revenue impact is expected to increase Annual Recurring Revenue (ARR) by $550,000.
Ikegps (ASX:IKE)
Unchanged in early morning trade today was utilities and comms software provider Ikegps.
The company released an update for the half year to 30 September 2021 detailing a 40% revenue growth on constant currency basis to $5.7 million and 135% growth of new contracts won against the previous corresponding period.
The contracts were valued at around $10.9 million, with the majority expected to be realised in the next 12 months.
“This level of won business is against FY21 full year revenue (to March 2021) of $9.3m, and as such provides us with a high level of confidence for the potential for substantial growth in FY22 and FY23, notwithstanding timing risks around some customer projects as above,” IKE CEO Glenn Milnes said.
The company is progressing the integration of the AI IKE insight solution which Milnes said would open some new pole-related market segments for the electric utility and communications market.
