Xref Strengths, Domain Expertise, and Key Differentiators
Xref provides cloud-based HR and recruitment technology, including reference checks, pre-employment screening, and employee engagement surveys. Since 2010, it has focused on automating the talent journey with data-driven insights to support HR decision-making.
With over 1.3 million users in 195 countries, Xref offers multi-language capabilities, local support teams, and compliance with global standards (ISO27001). Its customizable surveys cover various stages of employment, including reference checks, onboarding, engagement, leadership assessment, and exit surveys.
Xref Recent Developments
Xref has introduced several new modules and enhancements to improve its enterprise applications.
The Xref Advanced Cross-Reference and Impact Analysis module helps identify hidden dependencies across multiple platforms, reducing risks in production environments.
For AutoCAD users, Xref Tools Extra adds features like layer synchronization and view matching, while Xref Object Manager (XOM) simplifies Xref management with tools for attaching, renaming, and repathing.
Xref Mergers and acquisitions (M&A) Activities
Xref acquired Voice Project, an employee engagement platform, expanding its services to include workplace surveys such as Leadership 360, onboarding, customer satisfaction, employee engagement, exit, and pulse surveys. The acquisition also contributed approximately $4 million in revenue.
Xref Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Xref applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Xref and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Xref, RapidID, Xref Engage customers.
Xref Overview
Ownership: - ASX:XF1
Number of Employees: 99
Functional Market: Recruiting,
Key Verticals: Automotive, Banking and Financial Services, Communication, Construction and Real Estate, CPG, Education, Government, Healthcare, Insurance, Leisure and Hospitality, Manufacturing, Media, Non Profit, Professional Services, Retail, Transportation,
Xref Key Cloud and HCM Applications
Xref, RapidID, Xref Engage
Xref HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2023 | 2024 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Xref Revenue Breakdown by Type:
Xref HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2024 HCM Revenues, By HR Segment, $M | |
Xref HCM Applications Revenues By Verticals, $M:
Xref Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2024 Total Revenues, $M | 2024 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
Xref Direct vs Indirect sales
| Type | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Xref Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Xref Customers
No. of Xref Customers: 1300
No. of Xref HCM Applications Customers: x
No. of Xref Cloud HCM Customers: x
No. of Xref Cloud HCM Subscribers: 1300000
Xref serves a diverse customer base across various industries, including healthcare, education, government, and recruitment. The company has over 1,300 clients globally, spanning 195 countries. Its customers range from small businesses to large enterprises, all utilizing Xref’s automated reference checking and employee verification solutions.
Xref expanded its client base by acquiring 102 new clients across various regions. In Australia and New Zealand, notable additions included Cement Australia, Global Medics, Incitec Pivot, Melbourne IT, NRMA, RACQ, Randstad Australia, and Reliance HR Company in Australia; and Christchurch City Council, Coca-Cola Amatil NZ, and Genesis Energy in New Zealand. North American clients gained were Fusion Medical Staffing, Hays Canada, SCM Insurance, Spin Master, Fairmont Hotels and Resorts, and The Ian Martin Group. The UK and UAE welcomed Unilad, UBM Plc, and Darkmatter LLC, while the Nordics region saw Magseis ASA, Azets People, and Clas Ohlson join as clients.
Xref Market Opportunities, M&A and Geo Expansions
Xref is exploring the integration of Generative AI (GenAI) into its enterprise applications, focusing on its potential to transform HR functions. The company emphasizes responsible use, such as upskilling workforces and addressing AI biases. This move could enhance Xref’s offerings by improving talent management and HR processes, aligning with emerging trends in the industry.
By offering advanced data analytics and reporting capabilities, Xref can provide deeper insights into recruitment and employee performance. This could enable companies to make more data-driven decisions and optimize their talent management strategies.
By integrating with LMS platforms, Xref could help organizations better manage their employee development and upskilling initiatives. This would provide a more comprehensive solution for managing the full employee lifecycle, from recruitment to training and performance management.
As more businesses adopt HR technology globally, Xref has the opportunity to expand its footprint in new regions, particularly in emerging markets. Offering multi-language support and complying with local regulations would make Xref more appealing to companies in these areas.
Xref Risks and Challenges
Seek’s $41 million bid to acquire Xref collapsed after shareholders rejected the offer, leading to immediate consequences for the company. Xref’s share price dropped by around 50% over two days, falling to approximately AUD 0.12 per share. This rejection could create concerns among investors about Xref’s future, impacting its stock performance and its ability to raise new capital. While staying independent allows Xref to pursue its own strategies, it may face challenges in attracting investment and competing in the HR tech market, relying on internal resources for growth, which could limit its scaling potential.
Xref Ecosystem, Partners, Resellers and SI
Xref now has 31 channel partners with direct integrations into applicant tracking systems (ATS) like Bullhorn, Oracle, and Workday. In FY23, 37% of reference requests came through integrations, accounting for 30% of reference-checking revenue. Despite flat reference request volumes, the number of clients using Xref via integration grew 22% to 504, highlighting the continued demand for ATS integration.
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
https://www.appsruntheworld.com/FAQ
