The WorkConex deal was announced 16 January and called for Sydney-based Nvoi to acquire 100% of WorkConex for initial consideration of AUD 10 plus earnouts of up to AUD 300,000 in cash subject to WorkConex gaining at least 100 paying subscribers within 12 months of the acquisition, according to the ASX announcement. In addition, Nvoi will assume approximately AUD 300,000 in net debt owed by WorkConex.
WorkConex’s ATS aims to automate all the steps in the recruitment workflow. Its staff will continue with the company and WorkConex founder and General Manager Richard Swanton will continue to lead the WorkConex sales team. Nvoi will assume all back-office and finance functions.
Separately, Nvoi had previously announced on 13 January that Raife Watson was commencing in his role as CEO of Nvoi. Watson came to Nvoi from Adzuna Australia and New Zealand, a subsidiary of the global Adzuna jobs business.