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Why the CV Check (ASX:CV1) share price finished the day 5% higher

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The CV Check Ltd (ASX: CV1) share price finished the day in positive territory following the announcement of a new customer win.

Despite the broader decline of the All Ordinaries Index (ASX: XAO), the CV Check closed the day at 18 cents, up 5.8%.

Let’s take a look at what CV Check updated the market with.

What does CV Check do?

CV Check, founded in 2004, is an online tech company that offers background screening and verification services.

The company conducts over 300,000 verification checks every year for private and government organisations, employers and individuals. These services include national police checks, employment reference checks, credit and financial checks, and predictive psychometric assessments, among other verifications.

International customers 

CV Check advised it had signed a new international customer to its strategic white line label rollout. Employment screening specialist, Vero Screening Ltd, was added to CV Check’s international wholesale customers.

Vero is an employment screening company based in Brighton, England. The business specialises in compliance, human resources, digital technology among other services. Vero has over 20 years’ experience in industry knowledge and in-house technology to protect clients from risk.

This new addition complements last week’s news that the company had signed NetForce Global LLC to its best-of-breed solution.

CV Check sees white labelling as a strategic objective and is focusing on servicing the international market.

Management commentary

Commenting on the new partnership, CV Check CEO Mr Rod Sherwood said:

In its FY2020 Annual Report, CV1 advised pre-commercialisation had commenced on the strategic project to take its white label technology beyond our current Australia and New Zealand base. We are pleased to advise that another major inbound international wholesaler will commence ordering pursuant to this initiative. We welcome Vero as an inbound international wholesale customer.

Vero CEO, Mr Rupert Emson also spoke about the agreement, adding:

We are excited to be partnering with CVCheck. As we are seeing increased demand for our international screening services, the Company’s full suite of screening services and advanced technology platform were a perfect match for our requirements. The CVCheck onboarding support team have been fantastic and we look forward to working with them to deliver on our clients’ global screening strategies.

The CV Check share price is up more than 28%, year to date, and is just shy of its 52-week high of 19 cents per share. 

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has recommended CV Check Ltd. 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.

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