This small-cap ASX share is soaring 33% on strategic partnership news

A girl runs along with her kite flying high in the sky.A girl runs along with her kite flying high in the sky.

The LiveHire Ltd (ASX: LVH) share price is on the move during early afternoon trading on Friday.

This comes after the talent and direct sourcing solutions company announced it has teamed up with ManpowerGroup Talent Solutions.

At the time of writing, LiveHire shares are soaring 33.33% to 36 cents.

LiveHire seals milestone deal

Investors are pushing up the LiveHire share price on news the company’s strategic partnership will see it penetrate new markets.

In its release, LiveHire advised it has signed a strategic master services agreement with ManpowerGroup Talent Solutions on behalf of its TAPFIN division (TAPFIN).

The latter makes up part of the US$4.8 billion United States-listed ManpowerGroup Inc (NYSE: MAN).

TAPFIN is recognised as one of the four largest managed service providers (MSPs) in the world, per the release. The business manages more than US$20 billion in contingent spend through 103 countries.

Under the deal, LiveHire will serve as primary partner in offering direct sourcing solutions to TAPFIN’s North American clients. This will be on a non-exclusive basis.

LiveHire noted that there is further scope for the agreement to extend beyond North America. This includes access into other countries across Europe, the UK, and the Asia Pacific region.

The contract is based on LiveHire’s standard commercial terms. However, management is not able to put a value on the agreement because TAPFIN has not yet signed the first client to use the platform.

Nonetheless, LiveHire believes that due to the size of TAPFIN and its client base, the deal will be significant.

Commenting on the news driving the LiveHire share price today, CEO Christy Forest said:

We’re thrilled to have completed a competitive process conducted by TAPFIN, and to work with the TAPFIN team to bring our joint direct sourcing solution to TAPFIN’s clients.

About the LiveHire share price

Despite today’s astronomical gains, the LiveHire share price is trading relatively flat when looking over the last 12 months.

The company’s shares reached a 52-week low of 23.5 cents earlier this month before bouncing back to April 2022 levels.

LiveHire has a market capitalisation of roughly $80.28 million.

The post This small-cap ASX share is soaring 33% on strategic partnership news appeared first on The Motley Fool Australia.

Should you invest $1,000 in Livehire Ltd right now?

Before you consider Livehire Ltd, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Livehire Ltd wasn’t one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

See The 5 Stocks
*Returns as of June 1 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];[property] = defaultValue;

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);

More reading

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s