With the way we work changing it’s only fitting that the way we find work changes too. Recruitment tech company Applyflow (ASX: AFW) is working to create seamless recruitment experiences with their software.
Designed to ‘reinvent recruitment’, the Applyflow platform combines recruitment sites, job boards, automations and applicant tracking into one system. The ultimate goal is to reduce ‘busywork’ for recruiters and increase the chances of finding the right candidate for the role. Their end-to-end tech runs on a SaaS basis and has features such as SEO optimisation of job listings, one click apply and the ability to create custom questions and bidirectional syncing with common recruitment systems and CRMs.
Kicking off their quarter with a capital raising campaign, the Company saw $5.66 million raised via an entitlement offer, $3 million of which was from existing shareholders.
The Company has seen steady revenue growth of 10% over the last three quarters thanks to increasing customer count. Having transitioned existing customers onto longer term contracts of 12-36 months, Applyflow has been able to shift sales focus to building their customer base. The hope is that their platform’s scalability will limit friction for new sales and onboarding.
A major win for the Company was having Australia’s leading recruitment agency, Adecco sign on for a further 12 month contract during the quarter.
With the Applyflow platform beginning to scale the Company is exploring other avenues with regard to product development of Applypay, an installment based finance platform that is designed to service the Australian recruitment market. Primarily working around recruitment invoices, the market potential is estimated to be approximately $15 billion. The Company is planning to leverage their existing relationships with over 250 recruitment agencies to introduce their new product to market. This process has already begun with the Company announcing a strategic partnership with Hudson Global Resources to use Applypay for their recruiter invoices.
With revenue set to exceed $375 million Hudson is an excellent collaborator to prove the merits of Applypay.
CEO of Applyflow, Steve Butler said: “With commitment from Hudson, we’ve validated Applypay’s product fit and solidified a very exciting path to underpin the successful launch of Applypay.
“Our strong relationships with some of the largest recruitment agencies in the world and over 250 existing clients present a unique advantage to accelerate the adoption of Applypay in an huge market in need of modern financing solutions.”
The Company rounded out the quarter with just under $7 million in the bank giving them plenty of room to grow as they shift their focus and scale.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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