SYDNEY, AUSTRALIA: Global HR tech platform Xref Limited (ASX: XF1) has acquired worker engagement firm Voice Project. This is the third and final piece of the Xref technique to supply a full hire-to-retire solution for employers.
Xref has established a management place in automated applicant reference checking. Last year, Xref launched its exit survey product, and now with the acquisition of Voice Project it accelerates the launch Sits Pulse and Engagement Survey providing to full the hire-to-retire product portfolio.
Xref will pay $2 million money from its existing money reserves at completion plus as much as $2 million in scripts on the first and 2nd anniversaries following completion, conditional on performance.
The acquisition will add roughly $4 million to Xrefs revenues and increase staff from eighty five to 100. Voice Project is worthwhile and is forecast to be EPS accretive to Xref.
The acquisition creates alternatives for cross-selling by giving Voice Projects 944 clients entry to Xref’s complementary services and providing Voice Projects services to Xref’s 1,300 enterprise clients and 15,000 users.
Xref CEO and Founder, Lee-Martin Seymour, said, “This acquisition is an important step towards Xref’s goal of becoming the main global hire-to-retire worker suggestions platform and is a nice instance of two worthwhile and credible Australian technology companies uniting to be extra aggressive within the worldwide market. This is a real win-win for all involved.
“The complementary nature of the 2 firms and the huge worth within the ensuing end-to-end product for employers will allow Xref to compete alongside different main global gamers within the engagement survey category.
“Xref will now offer a full hire-to-retire engagement service for employers that’s extra full than most different well-known brands, and we would be the one one covering 195 countries.
Voice Project’s IP, database and technology are second to none, and its senior administration has remained on the helm for decades. It is a worthwhile and extremely credible business, with particular strengths in benchmarking, survey design and reporting and a variety of different nice technology assets that will now be built-in into the Xref platform.”
Voice Project Founder and Director, Dr Peter Langford, said: “We are so excited to see the worth of our survey technology and client base being recognised by a global chief like Xref. We couldn’t be happier to assist create the world’s solely full end-to-end solution for employers.
“Employers develop such a plethora of important staffing information proper from the second an applicant contacts them, all of the way through to that worker retiring or moving on. Until now, the options for harnessing this data have been fragmented and have nearly always resulted in misplaced or incomplete worker information. Not anymore.”
Xref Chairman, Tom Stianos, said “While the Voice Project acquisition is forecast to be EPS accretive to our shareholders, the extra significant advantages are that it completes our product portfolio (hire-to-retire strategy), provides cross-sell opportunities, and accelerates our growth. I look ahead to Peter Langford becoming a member of the Xref management team.”
Xref will use its personal money surplus to fund the acquisition and sees this as a significant funding into growth and elevated profitability.