Applabs Technologies Ltd (ASX:ALA) and Search Party (International) Limited (ASX:SP1) which had received firm commitments to raise $7,210,000 in an oversubscribed capital raising have stepped up the pace of merger momentum for the online recruitment group.
The company has added a key executive Nicolas Sweeney to the team.
The funds raised will be used for backdoor listing of Search Party into Applabs Technologies, a tech investment company and kick-start a global online expansion.
Search Party is an online recruitment marketplace which uses matching algorithms to help businesses find the best employees faster.
Search Party has operations internationally, including in the United Kingdom and Canada, with over $17 million invested in the company in the last 4 years.
Search Party online recruitment marketplace has more than 3,500 registered employers and more than 500 registered recruiters, representing 15 million candidate CVs.
On completion of the transaction, Applabs intends to change its name to Search Party (International) Limited and will focus its operations on the development and rollout of the Search Party global online marketplace platform and associated technologies.
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