Hawkesbridge Private Equity invests $1m in RecruitASP Pty Ltd

Information Release, 24 November 2004

Hawkesbridge Private Equity (HPE) is pleased to announce that it has made a $1m investment in RecruitASP Pty Ltd (RecruitASP).

RecruitASP’s software manages and streamlines the entire recruitment process from requirement to hire. The software reduces the time and cost to hire staff and enables customers to attract and track the best quality candidates. Customers include Suncorp, Woolworths, PricewaterhouseCoopers, Mallesons, Air New Zealand and the UK National Health Service.

RecruitASP was founded in 2000 by Kim Scott, RecruitASP’s Managing Director and majority shareholder.

Kim Scott commented that "The investment by Hawkesbridge will enable RecruitASP to expand its sales and marketing activities and to increase our infrastructure capacity. The addition of an institutional shareholder such as HPE also increases the profile of RecruitASP.”

David Plumridge, Investment Director of HPE, will represent HPE on the board of RecruitASP and commented that "HPE was attracted to RecruitASP as a result of its experienced management team, proven technology and blue-chip customer base. RecruitASP is perfectly positioned to be the leading provider of recruitment software in the Australian marketplace."

Under the guidance of Kim Scott, RecruitASP has experienced revenue growth of over 70% over the last two years as a result of its focus on increasing efficiency, improving the quality of employees and reducing the cost of recruitment. The return on a customer’s investment is typically within 3 months.

RecruitASP is HPE’s ninth investment, and builds on HPE’s other successes of 2004, including the exit of Advanced Powder Technology and the recent investment in the Truffle Group.

For more information please contact David Plumridge on (02) 9233 7200 or go to www.hawkesbridge.com.au