Join our daily newsletter At The Bell to receive exclusive market insights
- Xref (XF1) acquires employee engagement company Voice Project as the third and final piece of its strategy to offer a “comprehensive hire-to-retire” solution for employers
- The company says the acquisition will accelerate the launch of its Pulse and Engagement Survey offering to complete its product portfolio
- Xref will pay $2 million cash for full control of Voice Project, followed by up to $2 million in scrip on the first and second anniversaries of the purchase, subject to performance
- According to the company, the acquisition will add approximately $4 million to company revenues and increase its staff from 85 people to 100
- Shares in Xref end the trading day 3.95 per cent higher at 40 cents per share
Xref (XF1) has acquired employee engagement company Voice Project as the third and final piece of its strategy to offer a “comprehensive hire-to-retire” solution for employers.
The company said the acquisition would accelerate the launch of its Pulse and Engagement Survey offering to complete its product portfolio.
As part of today’s agreement, Xref will pay $2 million in cash from its existing reserves for full control of Voice Project plus up to $2 million in scrip on the first and second anniversaries of the purchase.
According to Xref, the acquisition will add approximately $4 million to company revenues and increase its staff from 85 to 100.
CEO and Founder Lee-Martin Seymour said the acquisition was an “important step” towards Xref’s goal of becoming the leading global hire-to-retire employee feedback platform.
“The acquisition is a great example of two profitable and credible Australian technology businesses uniting to be more competitive in the global market,” Mr Seymour said.
“The complementary nature of the two firms and the huge value in the resulting end-to-end product for employers will allow Xref to compete alongside other leading global players in the engagement survey category.”
Xref will integrate the Voice Project portal, containing its comprehensive suite of market-leading surveys, into its platform.
Meanwhile, Voice Project’s Sydney-based founder, Peter Langford, will join Xref along with his team of 14 and will continue to develop the Voice Project platform and business as General Manager.
Shares in Xref ended the trading day 3.95 per cent higher at 40 cents per share.
