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LiveHire (ASX:LVH) secures large U.S. direct sourcing contract
  • Australian talent acquisition and engagement platform, LiveHire (LVH), has secured a U.S. direct sourcing contract with Set and Services Resources (SASR)
  • LiveHire says annual revenue run rate is estimated at $440,000 once the program is fully deployed, with the deal to initially run for 24 months
  • It's for one of SASR's portfolio clients, an unnamed major U.S. retail group
  • LiveHire's product creates a private, company-branded talent cloud and pool to help companies hire staff on demand
  • CEO, Christy Forest, said the company was thrilled with the deal, and the company continues to see its technology provide unrivalled flexibility in workforce management and talent development
  • LiveHire enjoyed a nice boost to its share price following the announcement, finishing the day 12.8 per cent higher and is selling shares for 22 cents each

Australian talent acquisition and engagement platform, LiveHire (LVH), has secured a U.S. direct sourcing contract with Set and Services Resources (SASR).

The company says the deal is worth an estimated at $440,000 once the program is fully deployed, with the deal to initially run for 24 months.

LiveHire said the contract is with one of SASR's portfolio clients, an unnamed major U.S. retail group.

“We are thrilled to partner with SASR on the deployment of LiveHire technology. We continue to see our technology solve the most acute business needs in the current environment, from contractor hiring to internal mobility and alumni talent pooling and engagement."

CEO, Christy Forest

The announcement follows the company's news at the end of April, where it reported a new contract with the Victorian State Government to help deploy workers into critical areas of need, during the height of the COVID-19 pandemic crisis in Australia.

What is the direct sourcing market?

The direct sourcing market is a has seen a recent and rapid evolution in the contingent workforce management market which is estimated to be worth about US$130 billion. It is typically managed through procurement and involves clouds of contractor talent that can be directly sourced, hired and payrolled.

According to LiveHire, 23 per cent of employers surveyed by Gartner are planning to replace full-time equivalent roles with contingent roles post COVID-19 as a cost-saving measure, which could see the contingent workforce market accelerate on top of its 11.3 per cent forecast compound annual growth rate.

LiveHire said its technology is uniquely placed to deliver rapid and high return on investment to organisations looking to implement direct sourcing, as its differentiated architecture enables a high percentage of total contract hires on-demand.

LiveHire enjoyed a nice boost to its share price following the announcement, finishing the day 12.8 per cent higher and is selling shares for 22 cents each.


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