Why The Xref (ASX:XF1) Share Price Is Going Bananas

The Xref Ltd (ASX: XF1) share price is a standout performer on the ASX today, with shares up 15% at the time of writing. Here’s why.

About Xref

Xref is a Sydney-based human resources technology company that allows prospective employers to seamlessly and professionally conduct pre-employment reference checks on suitable candidates through an online candidate-referencing system.

What’s Happened?

This morning, Xref announced it had bolstered its presence in the US market through a strategic partnership with talent management platform PageUp.

The partnership has been built by Xref using the PageUp public API platform and according to the company, comes as a result of demand from mutual clients who have been looking to use Xref and PageUp as part of their talent management workflow.

PageUp and Xref have more than 50 mutual customers that use both technologies as part of their HR tech stack.

Once the integration is live, PageUp users will be able to use Xref through their existing PageUp dashboard. In addition, Xref’s reference checking tool will become available on PageUp’s online marketplace, which is home to over 100 cloud-based HR services including Linkedin and SAP.

Management Commentary

Commenting on the new partnership, Xref CSO Tim Griffiths said: “This partnership is a great example of how we efficiently partner to meet client demands, through the ease of the Xref API. We’re proud to see other SaaS providers building integrations through the Xref API platform and we’re excited to take the PageUp integration to market.”

Mark Rice, CEO of PageUp, was excited about the partnership and said there would be many benefits to mutual customers: “This partnership will allow mutual customers to initiate reference checks with ease and move candidates quickly through the recruitment process.”

What Now?

PageUp has a strong brand and client base in the US, so this partnership is a promising opportunity for Xref to accelerate growth in the US market.

With Xref being debt-free and founder run by CEO Lee-Martin Seymour, I think this is an ASX tech share that warrants further research.

For more ASX growth stock ideas, check out the companies profiled in the free report below.

Disclaimer: At the time of writing, Cathryn has no financial interest in any of the companies mentioned.

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