Employment tech company LiveHire (ASX: LVH) has made a significant foray into the North American market having won the prized contract from Ian Martin Group which will implement the LiveHire human resources platform in the United States and Canada.
The Direct Sourcing contract is expected to deliver LiveHire $1.2 million over 3 years with an opportunity to expand if Ian Martin Group requires further services.
Using LiveHire’s award winning talent solution Live Talent Communities, Ian Martin Group will have access to LiveHire’s recruitment platform which addresses the Direct Sourcing market. This market is rapidly evolving and is built around Talent Clouds of contractors that can be directly sourced or hired.
By building workforces around contractor talent, the model assists companies with labour spend where traditional recruitment firms charge additional salary mark-ups that can have a major impact over the course of time.
Through the use of a Talent Cloud, organisations like Ian Martin Group are able to retain control over hires, whilst maintaining the flexibility of contractor talent without third party fees attached to each individual hire.
The North America contract continues a strong run of wins for LiveHire which last month secured a contract from the Queensland Government to assist with redeployment of staff from 48 different government departments in the wake of COVID-19.
For the period ending March 31, 2020, LiveHire reported significant sales growth over the past 12 months to $3.9m which represented 27% year-on-year growth from the previous corresponding period with the company now having more than 100 clients on their books.
Whilst LiveHire is still operating at a loss due to significant product investment, the company is well positioned for continued sales growth with $23.3m cash on hand.
Shares in LiveHire surged significantly upon resumption of trade this morning, reaching an intraday high of $0.35, a 59% rise on their previous days close of $0.22.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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