The market may have dropped lower on Wednesday, but that hasn't stopped the LiveHire Ltd (ASX: LVH) share price from pushing higher.
At the time of writing the talent technology company's shares are 1.5% higher at $1.00.
What happened?
This morning LiveHire announced that it has expanded into the mining vertical after implementing and launching a talent community for Macmahon Holdings Limited (ASX: MAH).
According to the release, management believes the agreement paves the way for other industry participants to join the ecosystem and consolidate the live talent community methodology.
Co-founder and director, Mike Haywood, stated that:
"The mining services industry represents a large growth industry for LiveHire, given its employment growth, investment focus, and high turnover nature of employment. The LiveHire Direct Enterprise Sales team, and Recruitment Process Outsourcing (RPO) partners, are now working hard to grow the ecosystem in this vertical through to critical mass of workforce."
Whilst this may prove to be a lucrative opportunity for LiveHire, it is worth remembering that the company's revenues are negligible at the moment in comparison to its lofty market capitalisation, making it a high risk investment.
Cash receipts in the first-quarter came in at $444,075 and then $541,000 in the second-quarter. Whereas LiveHire currently has a market capitalisation of approximately $288 million when including all escrowed shares.
