Xref Ltd (AU:XF1) has released an update.
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Xref Ltd has reported significant progress in shifting its clients to a SaaS subscription model, which now constitutes over 60% of its revenue, boosting its annual recurring revenue to $15 million. Despite a challenging HR market, the company’s revenue remained relatively stable at $19.9 million, aided by its expanded range of human resource services and strategic partnerships. Additionally, Xref is evaluating a non-binding acquisition offer from Seek Limited, which could potentially enhance shareholder value.
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