The ELMO Software Ltd (ASX: ELO) share price has started the week in a positive fashion.
In early afternoon trade, the human resources technology company's shares are up 2.5% to $5.11.
Image source: Getty Images
Why is the ELMO share price is pushing higher?
Investors have been bidding the ELMO share price higher today following the release of a positive product announcement this morning.
According to the release, the company has launched a new module, COVIDsecure.
Developed in-house, COVIDsecure allows employers to automate record keeping of COVID testing and the vaccination status of their workforce. The company believes the module will act as the technology that supports businesses to reopen safely post-lockdown.
The module also provides employers with the ability to capture employees' vaccination and test status for the entire or targeted areas of their business such as location, department, or even role.
Furthermore, employers can configure periodic expiry alerts so they can be notified when an employee is due to update their vaccine or test status. ELMO believes this alert functionality will be particularly useful for workers required by government regulation to submit for testing at regular intervals.
Management commentary
ELMO's CEO and Co-Founder, Danny Lessem, spoke very positively about the new module.
He commented: "Many businesses have announced they will be mandating vaccinations among their workforce, ELMO's COVIDsecure module makes it easier to keep records of the vaccination and testing status of that workforce, with employee consent."
"ELMO's COVIDsecure module gives employers a tool to help keep their employees and the community safe. The new module increases the breadth of our solution, further differentiates ELMO's value proposition and provides new revenue opportunities," he added.
The ELMO share price is down 22% in 2021. Shareholders will no doubt be hoping this news is the catalyst to getting the ELMO share price heading in the right direction again.
