Seek (ASX:SEK) entered an exclusivity deed to acquire software company Xref (ASX:XF1) for AU$0.218 per share in cash, implying an enterprise value of around AU$45 million, according to a Monday filing with the Australian bourse.

Xref's board unanimously chose to pursue the deal and plans to vote in its favor, with the exclusivity lasting four weeks for Seek to do due diligence, the filing stated.

Shares in Seek rose past 1% in recent Monday trade, while Xref's shares surged almost 56% after earlier hitting a new 52-week high.

Price (AUD): $25.31, Change: $+0.34, Percent Change: +1.36%