Xref’s listing follows its reverse takeover by King Solomon Mines Limited.
Xref transforms the process of checking candidate references, and the company says it has already secured more than 35 enterprise clients including Westpac, Hudson and Mission Australia, and has become the reference platform of choice for 20% of the ASX top 50.
Xref’s platform puts the candidate at the centre of the recruitment process for the first time. Xref’s process is employer-anonymous, verified, encrypted, private and mobile friendly, allowing referees to complete references in their own time. References are provided directly to employers without third-party amendment.
With the ASX listing, Executive directors Tim Griffiths and Lee-Martin Seymour, who founded Xref in 2010, will each hold approximaterly 26.7% of the shares on issue.
Based on the offer price of $0.20 per share, Xref will have a market capitalisation of approximately A$18 million. The listing was initially expected to raise A$3 million of capital, however, following high demand for shares from a number of high profile investors the capital raising was increased to $4 million to allow for the oversubscription.
Griffiths said the new funds will expedite the company’s expansion in Australia and international markets such as the UK, Asia and USA, and help further develop its fully automated, cloud-based software and analytics platform.
Xref currently operates in Australia, New Zealand, Singapore and the UK, and Griffiths says its global customer base is expanding rapidly.
“From the start our aim was to revolutionise the candidate referencing system.
“Traditionally, candidate referencing has been a costly, inefficient process conducted over the phone during office hours. Xref offers a cost-efficient solution to this problem through its automated process, which can be accessed securely from any device 24/7, avoiding the need for out-of-hours calls.
“In addition to saving time, our approach improves the quality of reference checks and reduces the risk of reference fraud. This has proven to be invaluable to our clients particularly when they have been conducting international reference checks.”
Griffiths said Xref provides additional value to clients through its ability to integrate with applicant tracking systems, such as Oracle Taleo.