Verification provider CV Check (ASX: CV1) and human resources technology company Xref (ASX: XF1) have unveiled a strategic alliance to leverage each other’s specialities and to offer improved products for both their respective client bases.
According to Xref executive director Lee Martin-Seymour, the deal announced today represents a “natural strategic alliance that’s going to offer unbeatable value to the region”.
As a result of the agreement, Xref platform users will gain access to multiple products from CVCheck to improve the verification process they execute when hiring new employees, while Xref’s reference checks will be made available to all CVCheck users across Australia and New Zealand.
According to Xref, its existing addressable market includes more than 180 million employees in North America, 120 million employees in Europe and 15 million employees in Oceania.
“Xref and CVCheck are leading people risk management providers across Australia and New Zealand, building trust in business through the provision of verified information and checks for both employees and contractors,” said Rod Sherwood, chief executive officer of CVCheck.
“There has been long-held demand amongst the Xref client base for products offered by CVCheck and more recently demand has been identified amongst CVCheck clients for the product now available in Xref. Our work has already begun on bringing mutual benefit to both client bases,” he said.
CVCheck currently wields over a decade of operational experience in conducting background checks on new employees or potential business partners. The company says it has developed a world-class online platform that provides a comprehensive range of checks across the globe including international police checks, employment and qualification screening.
Given their focus on delivering security and verifying dependability, Xref and CVCheck are operating in complementary market niches with today’s deal expected to boost both of their respective digital product offerings.
Xref is a growing business in the human resources technology sector, providing automated reference checking software. The company offers a cloud-based platform that serves as a candidate referencing solution – saving its client’s time and financial expense during the recruitment process.
According to Xref, its platform allows users to make smarter, more informed hiring decisions that ultimately make businesses more efficient, secure and cost-efficient – especially firms that maintain high staff turnover rates.
In parallel, CVCheck enables its clients to check the backgrounds of employers, industry associations and individuals as part of a detailed vetting process desired by various market participants.
“As a leading managed service provider, we need to ensure we have done all checks and measures before hiring any candidate and currently, Brennan IT uses both Xref and CVCheck to do so,” said Adam Crofts, head of talent acquisition and engagement at Brennan IT, a Sydney-based company that was voted Australia’s best Managed Services Provider for the last 10 years running by MSP 501.
“In a talent short and very competitive employment market we need to act with urgency to make offers to the best talent in the market.
“Both Xref and CVCheck have timesaving, and, what I would regard as best in class solutions to help talent acquisition make confident hiring decisions. The alliance between Xref and CVCheck signals the start of something extremely exciting and valuable to both Brennan IT and the industry as a whole,” said Mr Crofts.