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- AD1 Holdings’ (AD1) shares are up 207 per cent after extending its maintenance and services agreement with the Victoria Government for three years
- This comes after the recent extension of an agreement with the New South Wales Government
- AD1 provides an online recruitment platform for employers and job seekers to connect
- For New South Wales, AD1 maintains the iworkforNSW careers platform
- And for Victoria, AD1 will support the integration of the Careers.Vic platform with the VIC Jobs API Gateway that’s under development
- Company shares have skyrocketed 207 per cent and are trading for 4.3 cents each
AD1 Holdings’ (AD1) shares are up 207 per cent after announcing the extension of its agreement with the Victoria Government.
AD1 has extended its existing managed services agreement (MSA) with the government for another three years. The three-year term is structured with one-year extension that brings the expiry date out to June 30, 2023.
AD1 Holdings provides an online recruitment platform for employers and job seekers to connect.
On June 26, the company announced it would extend the MSA with the New South Wales Government for a further two years.
Under the contract, AD1 will host and maintain the iworkforNSW careers platform and related digital services.
The careers platform was designed five years ago to attract job-seeking applicants.
“It is very pleasing that both the NSW and Victorian governments have chosen to extend their partnership with AD1 on multi-year terms,” AD1 CEO Prashan Chandra said.
AD1 attributes the extensions to its ability to continuously innovate and provide cost-efficient ways for the two states to connect with job seekers.
The latest extension with Victoria also provides a pipeline of projects to enhance the platform in line with the partner’s overall goal.
Additionally, it has been engaged to support the integration of the Career.Vic platform with the VIC Jobs API Gateway that’s being developed with the Department of Premier and Cabinet’s API Gateway team.
“This contract extension, along with the other major managed services contracts, bolsters and locks in almost 97 per cent of our employment platform subscription business revenue in multi-year contracts and demonstrates the sustainability of that revenue base,” Prashan added.
AD1’s overarching goal is to enhance connectivity between employers and job seekers through its platform and it is pleased two major Australian governments continue to support that.
Company shares have skyrocketed 207 per cent and are trading for 4.3 cents each at 1:18 pm AEST.
