Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Nvoi has completed a new strategy to drive company growth after reviewing its business operations.
  • It’s seeking to expand its workforce-as-a-service platform to full human resources management
  • To drive growth, the company has partnered with widely known job search platform, CareerOne who will provide technical services and extend its database to Nvoi’s customers
  • To fund these changes, the company will complete a $4.6 million capital raise
  • Nvoi’s shares are up 6.67 per cent, trading at 1.6 cents apiece

Nvoi has completed a new strategy to drive company growth after reviewing its business operations.

Nvoi is Australia’s only open market workforce-as-a-service platform that directly connects employers and skilled professionals.

The company will expand its current footprint to full human resource management, rather than just focusing on the niche contractor segment.

Nvoi will leverage its platform to handle employee hires, including ID and resume verification, as well as contract management, timesheeting, rostering, payroll, superannuation and employee engagement.

This will allow for optimal efficiency when employers recruit and manage their workforce – all within a single, cloud-based solution.

“There is a major issue in the world of HR,” Managing Director John Winters stated.

“Companies use a myriad of HR apps in their business that doesn’t all work together. Data is isolated and there is a lack of visibility across the workforce, which ultimately leads to poor employee experience,” he continued.

Nvoi has also struck a partnership with CareerOne, a digital job search platform with a database of over 1.5 million active candidates.

CareerOne will provide technical and sales support, as well as incentives to drive up to $3 million in revenue for Nvoi over three years.

Nvoi will pay the job search company a monthly fee of $15,000 for its services.

The company will also access CareerOne’s database to serve Nvoi’s clients with a unique HR talent management solution.

“This is a great opportunity for job seekers, advertisers and both companies as we look to offer differentiated products to our peers. We are extremely excited to be working with Nvoi,” CareerOne Executive Chairman Garen Azoyan said.

Additionally, Nvoi has received commitments for a $4.6 million capital raising.

It will result in the placement of approximately 461 million new fully paid ordinary shares at an issue price of $0.01 per share.

These funds will support the technical and internal development for its new strategy.

As part of its new strategic direction, Philip Crutchfield has been appointed as Non-Executive Chairman. Andrew Bursill has resigned from being Non-Executive Director and Joint Company Secretary effective immediately.

Steven Papadopoulos has resigned as Chairman to become Non-Executive Director and Sinead Teague has assumed the role of Company Secretary.

Nvoi’s shares are up 6.67 per cent, trading at 1.6 cents apiece as at 1:34 pm AEDT.

NVO by the numbers
More From The Market Herald
The Market Herald Video

" Security Matters (ASX:SMX) enters into $2m standby equity facility

Security Matters (ASX:SMX) has entered into a standby equity deed with Evolution Capital.
The Market Herald Video

" Archer Materials (ASX:AXE) secures Hong Kong patent for quantum computing chip

Archer Materials (ASX:AXE) announces the grant of a Hong Kong patent for its 12CQ quantum computing…

" Way2VAT (ASX:W2V) secures additional $300k in private placement, closes SPP early

Way2VAT (W2V) secures an additional $300,000 from Moneta Seeds in a private placement at 5.1 cents…
Spectur (ASX:SP3) - Managing Director, Gerard Dyson

" Spectur (ASX:SP3) raises $1.15m in SPP

Spectur (ASX:SP3) has raised $1.15 million through a security purchase plan (SPP) and shortfall offer.