The LiveHire Ltd (ASX: LVH) share price is rocketing higher today on the back of a new contract win. After being up by as much as 22.73% in early trade, LiveHire shares have pulled back somewhat to sit at an 11.36% gain for the day at the time of writing.
LiveHire is a recruitment platform that enables employers to keep digital track of candidates within one ecosystem. According to LiveHire, its platform can help save its enterprise clients time and money by streamlining the recruitment process and potentially even cutting out recruiters’ sky-high fees.
LiveHire was founded in 2011 in Melbourne and went on to publicly list on the ASX in 2016 at an initial public offering price of 20 cents per share. The company’s client base includes leading brands like Vodafone, Asics, Nissan, and Xero Limited (ASX: XRO).
What did LiveHire announce?
Shortly before market open this morning, LiveHire revealed it has won a contract with the Victorian State Government to provide technology to help deploy staff into critical areas of need.
More specifically, the state government will use LiveHire’s platform to profile, match, and engage current employees in order to transition them into critical roles across the state government.
According to the announcement, the Victorian government contract is approximately 8 times the average annualised recurring revenue per client across LiveHire clients.
The initial term of the contract is 12 months, and the state government has the option to extend the term for a further 12 months.
Commenting on the contract win, CEO Christy Forest said:
“LiveHire has unique capabilities in search, match, skills profiling and personal communications, making our solution highly suitable for organisations which are now increasingly required to bring a more agile approach to workforce mobility.”
“Similar to our work for other Australian State Governments, we will leverage our platform to assign well-fitted, available employees to in-demand roles from a newly created Talent Community for Victoria’s Jobs and Skills Exchange,” she added.
While today’s announcement was welcome news for investors, it’s important to note that LiveHire is on the smaller end of the ASX in terms of market capitalisation. Factoring in the 11.36% share price rise at the time of writing, LiveHire shares have a market capitalisation of just $74 million.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting...
Because 'Doc' Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget 'buy now pay later', this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
Returns as of 6th October 2020
Cathryn Goh owns shares of Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
- MGM Wireless share price jumps 17% on Vodafone agreement – June 30, 2020 4:43pm
- Etherstack share price skyrockets 900% on Samsung partnership – June 30, 2020 2:59pm
- Why the Regional Express share price is soaring 28% this week – June 30, 2020 12:41pm