LIVEHIRE LISTS WITH $10M IPO TO FUND EXPANSION
Written on the 10 June 2016
TECHNOLOGY company LiveHire (ASX:LVH) is set to accelerate growth plans after raising $10 million through an IPO.
A total of 50 million new shares were issued at 20c apiece, with the shareprice settling at 19c after commencing trading on the ASX today.
LiveHire was launched in 2011 as a marketplace connecting employers with talent on-demand in the resources sector.
The Melbourne-based company now offers a cloud-based human resources productivity platform aimed at all enterprises, to turn recruitment from reactive to proactive. A client's brand is leveraged into a private community with hiring managers and potential candidates.
LiveHire co-founder and managing director Antonluigi Gozzi says the capital will be used to pursue new markets in Australia and develop sales capabilities.
"Amongst other things, listing on the ASX provides us with the capital to expand our sales team and achieve significant growth for the business, primarily focused around our key performance metric, Talent Community connections, as well as transparency and awareness for potential clients to have comfort we are a technology company that will continue to deliver above and beyond their needs," Gozzi says.
LiveHire's 'Talent Community Connections' have increased 183 per cent at the end of last year to more than 130,000 users.
Growth is expected to continue with a number of cornerstone clients in targeted industries in the works. The company has already partnered with Ernst & Young, Michael Hill, Bupa and Ertech.
Morgan & Banks co-founder Geoff Morgan has been appointed to the board as non-executive chairman, after backing the venture with business partner Andrew Banks last April.
"We have an established value proposition for our clients and a clear strategy to take the business to the next stage of its development," Morgan says.
"Listing on the ASX will enable LiveHire to scale our client and user base, accelerate our sales and marketing efforts and partner with select recruitment partner firms."