HIRE Technologies Inc (CVE:HIRE) provided a corporate update on its plans for FY2021, which includes making additional acquisitions within Canada as well as completing its first acquisition in the US.
The company also said it anticipates making another SaaS technology acquisition this fiscal year to complement staffing, drive synergies, and produce additional revenue streams.
“Over the last two quarters, we have been working exceptionally hard to grow the company's revenue and increase our geographic reach,” HIRE Technologies CEO Simon Dealy said in a statement.
READ: HIRE Technologies is reinventing the recruitment process using a technology-driven approach to human resources
He added: “Since the start of 2020, we have attained an upward trajectory for our share price and raising our market cap from $8 million to approximately $40 million, creating value for our shareholders all during the worst pandemic in a century.”
“Our recent acquisitions have added strong leaders to our team, and our operational focus for 1Q 2021 is to integrate them into the HIRE Technologies network.”
HIRE Technologies also provided highlights of its 3Q and 4Q 2020 operational results, which included:
- Closing three acquisitions in fiscal 3Q and 4Q 2020, establishing a national presence in Canada, and added sales, marketing, operations, general labour, healthcare, and real estate staffing solutions
- Growing internal employees by 50% with the addition of three subsidiaries as it continues to expand in-house talent in sales and recruitment across its subsidiaries to help drive further growth, adding several professionals in 4Q 2020
- Partnering with Atlas ID, HIRE's first SaaS product, while gaining exclusive Canadian rights to this digital, turnkey COVID-19 employee testing platform for employers
- Completing two rounds of private placement financing totaling $6.5M and using the proceeds to aggressively execute its acquisition strategy
- Seeing a steady inflow of job orders across its subsidiaries in 4Q 2020 (over 720), realizing more than 360 successful job placements (an increase of approximately 311% from 4Q 2019 in part due to growth by acquisition)
HIRE Technologies is a talent recruitment company that is re-imagining the hiring experience in North America.
As the first – and so far, only – Canadian public consolidator of companies in the technology, staffing and HR consulting industries, the company aims to become a global leader in the transformation and growth of staffing and recruiting agencies using artificial intelligence and other digital technologies.
Contact Sean at sean@proactiveinvestors.com