Nvoi (ASX:NVO) - CEO, Raife Watson
CEO, Raife Watson
Sourced: LinkedIn
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Nvoi (NVO), through its wholly-owned subsidiary, will acquire human resources business JXT for $650,000
  • JXT is a global, cloud-based business that services recruiters and corporate hiring teams
  • This aligns with Nvoi’s strategy to expand its operations globally and offer enhanced solutions to the recruitment market
  • Company CEO Raife Watson believes there has never been a more critical time to ensure recruiters have a robust and reliable platform to seek work
  • To support the acquisition and its balance sheet during COVID-19, Nvoi has raised $1.8 million
  • Nvoi’s shares have dropped 11.1 per cent and are trading for 0.8 cents each

Nvoi (NVO), through its wholly-owned subsidiary, will acquire human resources business JXT for $650,000.

The company is acquiring JXT through its wholly-owned subsidiary, JXT Australia.

JXT is a world-leading cloud-based digital marketing solutions company that services recruiters and corporate hiring teams.

Its main product offering is a software-as-a-service platform for delivering complete websites containing job boards to display opportunities to jobseekers and a results-driven solution to attract, engage and place applicants into suitable roles.

By acquiring JXT, Nvoi will gain an immediate global presence with operations in Australia, the U.K. and the U.S. and an impressive list of recruiter and corporate clients in over 20 countries.

“With millions of workers now unemployed and facing job uncertainty due to the coronavirus pandemic, there has never been a more important time to ensure that recruiters have a stable, strong, reliable and ready-to-deploy platform to connect employers and job seekers,” Nvoi CEO Raife Watson said.

The acquisition supports Nvoi’s strategy to expand its operations to handle broader human resource management with better offerings for the recruitment market.

“Having the opportunity to own this business is tremendously exciting for Nvoi and instantly positions us as a global player with vast opportunity to rapidly scale,” Raife added.

The company has also expanded its strategic partnership with CareerOne to leverage the full strength of its technical team and the rollout of CareerOne’s job board technology across the JXT product offering.

In order to support the acquisition and its balance sheet during the current pandemic, Nvoi has raised $1.8 million through a non-renounceable entitlement offer at 0.6 cents per share.

“In the current economic environment, this capital raising is a prudent fiscal measure that will not only strengthen the company’s balance sheet but will also allow all shareholders to benefit from the future growth of the company,” Chairman Philip Crutchfield said.

The company is confident the integration with JXT will enable it to present a suite of products that support and empower recruitment agencies and hiring teams.

Nvoi’s shares have dropped 11.1 per cent and are trading for 0.8 cents each at 1:01 pm AEST.

NVO by the numbers
More From The Market Online

Pointerra wins US$1.63M from US Dept of Energy to model climate change scenarios

Pointerra (ASX:3DP) has announced its successful receipt of US$1.6M in funding from the US Department of…
The Market Online Video

Shekel Brainweigh CEO Nir Leshem weighs in on AI adoption ahead of FY25

Shekel Brainweigh CEO, Nir Leshem, joins The Market Online to provide an update on how AI…

Bridge SaaS shares soar as new CEO is announced

Bridge SaaS Limited (ASX: BGE) has appointed Mr Daniel Brewer as Chief Executive Office

Why the Government needs to lift its game in supporting ‘right to repair’ laws in Australia

Since the early noughties, two trends have coalesced in Australian society: a growing awareness of environmental issues – together with the attendant need