The LiveHire Ltd (ASX: LVH) share price is on a downward slide today after the company released an announcement to the ASX before market-open today. LVH shares opened at $0.375 this morning, but have since slumped 2.67% and are now swapping hands for $0.36.
LiveHire is an ASX company that (in its own words) is a "talent acquisition & engagement platform that revolutionises the candidate experience and enables businesses to thrive with talent on demand." Livehire was founded in 2011 in Melbourne and now has offices in Sydney and Perth.
What did LiveHire announce?
In its ASX market release, LiveHire announced it has signed a 'Referral partner Agreement' with US recruitment advisory firm Bayard – meaning Bayard will "introduce LiveHire's innovative talent management program to Bayard's clients."
Bayard is a New York-based recruitment firm founded back in 1923. It has a presence today across 17 countries and provides a range of services, including branding, media and digital solutions and metrics and analysis.
LiveHire hopes that this agreement will strengthen LiveHire's presence in the US market by "boosting the Company's brand recognition and accelerate sales growth… with the Company focused on supporting continued growth and geographical expansion."
As part of the agreement, Bayard is "eligible to receive a commission of the client's first year of hosting fees where it submits a lead that is approved by LiveHire that converts into a signed and paid client contract."
Although LiveHire "considers that this agreement is strategically material due to Bayard's brand, market share, and extensive reach and trusted advisory into LiveHire's ideal prospect customers globally… LiveHire is not able to determine the total revenues expected from this agreement at this point in time due to the indefinite term, contingent nature of client opportunities and commissions being decided on a case-by-case basis. Accordingly, LiveHire does not have a reasonable basis to determine a material economic impact on the Company."
LiveHire shares are now trading at the low end of its $0.30–$0.71 52-week range.