SEEK enters into exclusivity deed with Xref ahead of proposed acquisition

Australian online employment marketplace SEEK (ASX: SEK) has entered into an exclusivity deed with personnel software developer Xref (ASX: XF1) following the submission of a non-binding indicative acquisition proposal at a cash price of $0.218 each.

The deed grants SEEK a four-week period to undertake its own due diligence and work with Xref towards a binding scheme implementation deed.

SEEK’s proposal follows a strategic review of Xref’s business after several parties expressed interest in acquiring the company.

Reference partnership

Xref is an Australian-based company that offers a range of automated reference and pre-employment checks, as well as employee engagement and exit surveys.

SEEK and Xref announced a partnership in June to explore collaboration opportunities and improve how reference checks are used in the recruitment process.

The deal comprised three new integrations: SEEK Pass, Workplacer and Dayforce.

Credential passport

SEEK Pass provides a digital credential passport for candidates to manage and share verifications and acts as a workforce compliance platform for organisations.

Integrating with Xref allows employers to request reference checks provided by Xref via the SEEK Pass app.

Xref will invoice SEEK Pass for reference checks conducted via the integration, and the companies will work together on marketing activities to drive adoption of the passport.

Seamless process

The Workplacer platform offers students a seamless job exploration and application process within the hospitality and retail sectors.

It also aims to assist businesses in retaining workforce numbers by offering employee incentives such as cashback rewards, in-store discounts, online offers and discounted gift cards and vouchers.

The Xref integration allows students to collect pre-verified references in an attempt to become ‘job ready,’ while prospective employers can use the platform to filter pre-verified candidates and view references.

Dayforce platform

Dayforce is a publicly-traded US company that provides human resources software and services to organisations in North America, Europe, the Middle East, Africa and the Asia-Pacific region.

The Dayforce platform covers the full suite of human capital management software including payroll, tax filing, benefits, human resources, talent intelligence, workforce management and recruiting technology.

Xref said in June that the first clients had already been onboarded and the first references requested.