Under the deal, WorkPac will incorporate Perth-based TikForce's work validation technology into its workforce solutions process, so that candidates applying for jobs through WorkPac will be required to be verified using the TikForce technology, before being placed in a role.
WorkPac processed more than 40,000 job placements in FY 2014/15 alone and, under the terms of the agreement, TikForce will receive a fee for each candidate who needs to be verified, providing what the company says is a “new and substantial source of revenue”.
TikForce's Tik.me platform provides the ability to validate the credentials of users, enabling companies to undertake police checks and to verify other critical documents and the company says it is designed to “stop embarrassment for companies, organisations and government entities”.
Prasad says WorkPac has more than 750,000 candidates on its database and provides “human capital” services to the mining, construction, engineering, oil and gas and healthcare sectors.
The deal announced on Thursday follows TikForce’s re-listing on the ASX in April after successfully completing a reverse takeover of Palace Resources and raising $4.5 million.
Both TikForce and Workpac say they have also identified a number of near-term major tenders and projects that they have committed to collaborate on.
TikForce chief executive officer Kevin Baum, who has been in the management teams of a number of technology companies since 1987, says “working with Australia’s leading private organisation in the labour hire field presents a unique opportunity to establish TikForce as the 'go-to' RegTech solution for companies in this key industry sector”.
“This agreement has the potential to transform our company with respect to its earnings perspective. It is anticipated that the partnership will lead to near-term and significant income from verifying and validating candidates. I anticipate that we will be announcing a number of exciting additional developments for our company over the coming weeks or months.”
The deal with WorkPac follows TikForce’announcement last week of an agreement with e-learning company Mediasphere that the company says will drive immediate recurring revenue and “significant market adoption” of the company’s worker identity and credentials verification platform.