The LiveHire Ltd (ASX: LVH) share price is on the move during early afternoon trading on Friday.
This comes after the talent and direct sourcing solutions company announced it has teamed up with ManpowerGroup Talent Solutions.
At the time of writing, LiveHire shares are soaring 33.33% to 36 cents.
LiveHire seals milestone deal
Investors are pushing up the LiveHire share price on news the company’s strategic partnership will see it penetrate new markets.
In its release, LiveHire advised it has signed a strategic master services agreement with ManpowerGroup Talent Solutions on behalf of its TAPFIN division (TAPFIN).
The latter makes up part of the US$4.8 billion United States-listed ManpowerGroup Inc (NYSE: MAN).
TAPFIN is recognised as one of the four largest managed service providers (MSPs) in the world, per the release. The business manages more than US$20 billion in contingent spend through 103 countries.
Under the deal, LiveHire will serve as primary partner in offering direct sourcing solutions to TAPFIN’s North American clients. This will be on a non-exclusive basis.
LiveHire noted that there is further scope for the agreement to extend beyond North America. This includes access into other countries across Europe, the UK, and the Asia Pacific region.
The contract is based on LiveHire’s standard commercial terms. However, management is not able to put a value on the agreement because TAPFIN has not yet signed the first client to use the platform.
Nonetheless, LiveHire believes that due to the size of TAPFIN and its client base, the deal will be significant.
Commenting on the news driving the LiveHire share price today, CEO Christy Forest said:
We’re thrilled to have completed a competitive process conducted by TAPFIN, and to work with the TAPFIN team to bring our joint direct sourcing solution to TAPFIN’s clients.
About the LiveHire share price
Despite today’s astronomical gains, the LiveHire share price is trading relatively flat when looking over the last 12 months.
The company’s shares reached a 52-week low of 23.5 cents earlier this month before bouncing back to April 2022 levels.
LiveHire has a market capitalisation of roughly $80.28 million.