Peoplebank now Australia's largest IT&T recruiter

Stan Beer
Monday, 04 February 2008 12:49

IT People - Recruitment

Peoplebank Australia Limited's general meeting of shareholders this morning made official the Ambit acquisition as announced in December 2007. As a result Peoplebank is now easily the largest technology recruiter in Australia.

Leon Lau, Peoplebank's Managing Director, told shareholders that the Board had been working towards the Ambit acquisition for 12 months. Lau claimed that with the integration of the two businesses, Peoplebank has a leadership team unparalleled within the recruitment industry, with over 3500 contractors and a database of over 200,000 candidates.

Lau highlighted the importance of the database in a skills-short market in which candidates do not apply as readily to job advertisements. Peoplebank's database is an essential tool to network amongst Australia's top IT&T professionals, he said. Peoplebank has developed several talent pools of highly sought-after IT&T professionals and with the additional Ambit candidates, these talent pools have grown significantly, according to the company.

Peoplebank's market capitalisation is now over $100 million. According to the company, this may mean a re-rating for Peoplebank's trading multiple, allowing for a broader category of potential investors to invest in Peoplebank shares.

The meeting concluded with Mr Lau announcing Peoplebank's integration of the two businesses, "Project Oneteam", that commenced planning in early January. This plan will now be implemented. Project Oneteam covers Peoplebank's entire business and aims for a smooth transition of both companies' staff, clients, contractors and candidates.