LiveHire Ltd listed on the ASX today after raising $10 million at 20 cents a share to develop and expand its platform for HR and recruitment teams in small, medium and large enterprises. Soon after listing, the shares were trading at 19 cents.
The platform is built to create pools of pre-qualified job candidates for companies to dip into when they need to recruit, saving the business the money and time it takes to get a new staffer on board. It takes an average 68 days to hire someone in Australia.
Here are the recruitment problems the problem Livehire seeks to solve:
Livehire looks at its business in terms of connections, the people it has in the talent pools on its platform. Each is worth about 50 cents a month (that’s what it charges companies).
At the end of May, Livehire had 130,000 connections, or candidates, on the platform. The growth was 16% in the month of May alone, as this chart shows:
Early adopters include health insurance company, EY, Commonwealth Superannuation, KPMG, Pollenizer and construction group Ertech.
It’s a little bit like a secret Linkedin.
Take a look at the big companies, or their talent communities as Livehire calls them, already on the platform.
The chairman of Livehire is the recruitment industry veteran Geoff Morgan, the former partner of Shark Tank entrepreneur Andrew Banks.
“Livehire was created to meet the challenge faced by companies of all sizes –- to decrease time and cost to hire whilst improving the quality of hire,” says Morgan.
“Despite many new technologies coming to market, time to hire has more than doubled in the last five years.
“Personally, I have searched for a solution of this nature over a decade and my decision to take on the role of chairman of LiveHire has been driven by a firm belief that the company’s technology and vision have the potential to transform how the best companies hire and manage talent, turning recruitment from reactive to proactive providing significant time and cost savings.”
LiveHire was founded in 2011 in Australia by managing director Antonluigi Gozzi and growth director Mike Haywood.
Gozzi says the IPO will enable LiveHire to reach more large organisations in Australia and Asia.
“Our current strategy is focused around three things: scaling our user and client base, continuously enrich our product to deliver value to all our clients, and implementing significant channel partnership and technology integrations to accelerate growth of the platform,” he says.