CV Check Ltd (ASX:CV1) chief executive officer Rod Sherwood presented at Tuesday's Proactive Revenue Webinar and discussed the company’s strategic rationale and recent acquisitions.
The webinar saw three ASX-listed companies present with the others being RPM Automotive Group Ltd (ASX:RPM) and K2fly Ltd (ASX:K2F).
Sherwood highlighted the company’s record performance during the past quarter, which saw CV Check earn $3.5 million contributing to a record half year in revenue of $7 million.
The tech company has witnessed sustained growth performance in its B2B revenue from FY17 through to FY21, which Sherwood said had been a consistent area of improvement year-on-year and half-on-half.
Bright People Technologies acquisition
Sherwood also spoke about the company’s recent acquisition of Bright People Technologies for total enterprise value of A$15.3 million - $12 million of which is payable in CV1 shares.
Bright is a software development business focusing on software in the workforce management space.
It’s product, Enable Validate, is a solution for asset owners in the mining and resources sector to ensure personnel on-site are compliant with site access criteria, approval to mobilise and are recognised every time they seek to return to site.
“Positions group ahead of global demand”
Sherwood said: “The combination of CV1 and Bright fills the customers need for better management of increasingly complex workforce compliance requirements, creates a unified credentials-based workforce management capability and positions the group ahead of the global demand for digital workforce credentials.”
Bright’s clients include around 40 blue-chip companies such as BHP, Woodside and Roy Hill which complement CV’s client base of Chevron, Saracen and Northern Star – indicating high potential demand for this newly created credentials-based workforce management capability.
Sherwood said: “When we were examining the transaction, we were looking at technology, commercial proof and revenue leverage opportunities in the near term and global leverage opportunities in the medium term – and all of those are available.”