Many graduates lament over the old, clunky and annoying recruitment platforms and job boards that they are forced to trawl in the hopes of getting a foot in the door of their chosen industry. It’s no surprise that 60% of applications get abandoned due to complexity. It’s high time that something newer, streamlined and just a bit sexier came about for recruiters and job seekers alike.
Recruitment technology platform Applyflow (ASX: AFW) aims to be all that. Their platform has been likened to Uber thanks to its ease of use, smart automations and streamlined design. Features that attract this comparison include the automatic SEO optimisation of job listings, one click apply for increased conversions, the ability to create custom questions and bidirectional syncing with common recruitment systems and other CRM and marketing platforms.
In a market update this morning, Applyflow reported strong financial results and teased investors with the promise of multiple upcoming new product launches.
The Company offers their end-to-end tech on a SaaS basis. The majority of sign ups are for 12 month terms with payments made monthly. Their recurring revenue base continues to grow with a reported $363,000 in total contract revenue so far this quarter, an increase of 43% on last quarter’s results.
Since launching the Applyflow product in February 2021, new and renewed deployments have added almost $500,000 to the Company’s annualised recurring revenue as well as $60,000 in upfront fees for client set up.
In under three months the Applyflow product alone has generated $571,000 in total contract value.
This traction is enabling the Company to launch new products to complement their existing suite. These new products are promised to leverage the blue chip, global customer base to bring new opportunities for expansion and continue to drive growth.
Steve Butler, CEO of Applyflow said “The successful launch of the Applyflow product is phase one of our strategic roadmap for market expansion. We look forward to bringing our new, innovative product set to market in the short term.”