SYDNEY (15 August, 2016) –
The recruitment services marketplace, Search Party, today announced that all conditions for its reverse take-over of AppLabs Technologies (ASX: ALA) have been satisfied and the takeover and listing have now completed. ALA has since been renamed Search Party, and will be relisted on the ASX on Wednesday August 17, 2016 as SP1.
“The recruitment industry is a US$300 billion industry that’s in the midst of significant evolution, with only 3% of services happening online in 2016,” said Search Party CEO, Ben Hutt. “Our listing on the ASX is a significant milestone in Search Party’s journey to connect all businesses with all recruiters to deliver hiring efficiencies in this vital but staid industry.”
Since its Beta launch in November 2014, Search Party has defined a new way of recruiting, with a technology platform and marketplace offering that allows employers to adopt a lower cost recruitment model. Hiring people via Search Party takes on average ~ 2 weeks and is less expensive than traditional methods. As the war for talent continues to be a drain on business productivity globally, Search Party is a more affordable way for businesses to use recruitment services quickly and easily.
For recruiters, Search Party offers cutting edge technology, and new customers by utilising their network and database of candidates. Search Party is the only business globally to provide a candidate-first platform that enables recruiters to grow their businesses online.
Since the announcement of the transaction in December 2015 Search Party and AppLabs have raised a total of AUD $9.6m into the combined entity from existing shareholders, the prospectus offering, and sophisticated investors. Search Party lists on the ASX this week following its strongest quarter ever (ASX:SP1).
The business is seeing 50% compounding quarterly growth in key metrics and as at 30 June the key business statistics were:
- 5,943 employers signed up from 4,741 companies (1,298 users joined last quarter)
- 1,279 recruiters from 788 companies (187 companies joined last quarter)
- 836 individual roles had a fee agreed between recruiters and employers and the total potential recruiter fees (gross payment volume) on these roles was $2.5m (up 23% on previous quarter)
- 664 interviews were confirmed, leading to 101 placements (up 38% on previous quarter)
- Gross payment volume (recruitment fees billed) was AUD$315k (up 46% on previous quarter) and more than ~$1m in total recruitment fees was billed in FY16.
Overall, the business has doubled in size across key metrics since the beginning of 2016.
Search Party CEO Ben Hutt continued, “Search Party is now in a position to accelerate investment into our platform including deep learning, bots, mobile and payment automation, as well as prepare to launch our marketplace into key markets such as North America and Asia.”
Search Party has 50 employees across three offices in Australia, the UK and Canada. Search Party’s board consists of Trevor Loewensohn, Chairman, Managing Director Ben Hutt and non-executive directors Charles Thomas and Paul Bird. Ben Hutt is joined on the executive committee by Jason Shepherd (CFO), Stuart Gatenby (CTO) and Magda Walczak (CCO).
In July 2015, Search Party acquired JobAdvisor, an employer branding tool that allows companies to communicate their unique cultural offering to both candidates and recruiters. So far, there are more than 15,000 Australia company profiles listed. JobAdvisor will launch in the UK later this year with thousands of UK businesses.
About Search Party
Search Party (ASX:SP1) is a recruitment services marketplace that connects employers and recruiters to make hiring faster, easier and more effective. Search Party has offices in Sydney, London and Toronto. Search Party also owns employer branding site, JobAdvisor. For more information, visit thesearchparty.com