Xref seals strategic alliance in an effort to deliver holistic HR Tech platform to the ANZ region
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Special Report: The company has joined forces with the ASX-listed CV Check (ASX:CV1) to create a one-stop shop for business recruitment needs – both locally and globally.
HR tech platform Xref (ASX:XF1) is coming off a defining period of growth in the September quarter, when cash receipts rose by 31 per cent to $3.53m and the company consolidated its footprint in the US market.
Now, the recruitment innovator is thinking strategically about its next phase of growth. And its partnership with CV Check is an important step in providing a full-service product offering that doesn’t yet exist in the market.
Speaking with Stockhead, Xref CEO Lee-Martin Seymour said historically, the two companies have operated as adjacent competitors in the space. But within the dynamics of the current marketplace, both companies realised their core offerings actually complement one another.
Where Xref leads the market is with its software that provides a secure and automated process around prospective employees’ personal reference checks. Parallel to that, CV Check has established its position in the market around police checks and other mandatory background tests.
“What’s happened is that we’ve crossed over to some extent. And that’s been driven in part by a huge appetite in the market for a full-service platform,” Seymour said.
Seymour said that typically, clients tend carry out reference checks and police checks as two separate process. What they prioritise depends on the industry they operate in and the type of candidates they’re looking to hire.
“On top of that, they have to use multiple platforms to do it, with additional tracking systems for data management,” Seymour said.
“The feedback makes it clear that employers have been crying out for a single platform. What we’ve done with CV Check is taken the best of what we both do, and allow clients to decide whether to consumer the service on either platform.”
As part of their go-to-market strategy, the two companies have already commenced working on system integration which will allow customers to access both market-leading services on either platform.
The resulting data provided will then inform the respective sales teams of how best to leverage the combined product offering in sourcing future clients.
“Ultimately, we’re stronger together,” Seymour told Stockhead. “Both companies are focused on the customer journey, and since inception we’ve been well known for superior customer service.”
“So what’s driven this decision is the realisation that we don’t have to compete directly. We just need to give the market exactly what it’s looking for and partner up to do a great job.”
“Other competitors in the space just can’t come close to a single platform with a market-leading interface for all employee checks in the candidate recruitment process.”