CV Check Ltd (ASX:CV1) has completed the acquisition of CI6 Pty Ltd an entity that owns Bright People Technologies Pty Ltd (BPT), a SaaS cloud-based provider of workforce credentials and compliance software through the Enable and Cited brands.
This acquisition will create a credentials-based workforce management capability combining Bright’s workforce compliance strength and the CVCheck platform’s highly automated verification workflows and HRIS integrations.
As consideration for the acquisition of BPT, the company has issued 72,992,701 fully paid ordinary shares to the vendors of CI6 that are subject to voluntary escrow until December 31, 2022.
New non-executive director
Shareholders gave the green light for the issue of these shares at a general meeting on March 31, 2021.
Part of the CI6 transaction will see BPT chairman and largest shareholder Jon Birman appointed to CV1’s board as a non-executive director and this will take effect from May 2021.
Bright executives Petra Nelson and Declan Hoare will join the CV1 executive management team.
On announcing the acquisition in February, CV Check chairman Ivan Gustavino said it was truly transformative.
“Excellent strategic fit”
He said: “Bright is an excellent strategic fit to CV1. Combining our complementary platforms and products will create a credentials-based workforce management capability to address growing demands from our existing and future customers.
“In addition to the obvious synergies of combining the two companies, technical capabilities and experience of both teams, it will also see CV1 expand by adding accretive SaaS-based revenues.”
Bright chairman Jon Birman said the union with CV1 would deliver superior market access with contemporary and proven technology, positioning the combined entity perfectly for rapid local and international growth.
Director purchase
At the general meeting shareholders also approved the issue of 606,061 shares to non-executive director George Cameron-Dow or his nominee as part of a $10.5 million placement of new shares at 16.5 cents per share.
This transaction on April 6 was valued at $100,000 and increases the director’s holding in the company to 806,061 shares in two indirect interests.