Australian recruitment services firm Search Party is gearing up for the ASX, declaring it’s ready to take on the $US300 billion recruitment industry.
Search Party CEO Ben Hutt says his company raised $9.6 million last December and is now in its strongest quarter ever. It had satisfied all conditions to list on the ASX through a takeover of AppLabs Technologies.
The company, which has about 50 employees across offices in Sydney, London and Toronto, is now ready to become a public company “imminently” under the ticker code SP1.
Mr Hutt said his firm offers the only recruitment solution to let employers use the skills of professional recruiters at an affordable price, using data science and machine learning.
Its platform has processed over 15 million resumes and works with over 1000 recruiters worldwide.
“Currently only 3 per cent of recruitment is done online, in spite of the relatively sizeable businesses,” Mr Hutt told The Australian.
“As we’ve seen with other industries like travel and stockbroking, online marketplace businesses provide a way for growth in online channels.
“We predict that more of the existing industry will move online, but also that the volume and value of the industry will grow over time.
“It’s the right time to expand significantly for Search Party and hence the right time to list.
Mr Hutt said Search Party had spent years investing in data science, machine learning and algorithms to predict success and job-readiness.
“These help our recruiters and employers get better hiring outcomes for less effort,” he said.
“Coming soon we’ll see chat-bots and natural language search to make life even easier.”