Hiremii Ltd (ASX:HMI) has enhanced its full-service labour-hire and recruitment offering by completing the acquisition of Inverse Group Pty Ltd, a recruitment business with a focus in the energy, resource and digital sectors across Australia, New Zealand and South-East Asia.
Total consideration for the share purchase agreement is up to A$1.5 million and this is subject to certain performance milestones being achieved.
As well as geographical expansion into the Asia Pacific region and increased sector diversity to include energy and resources, completion will result in $14.8 million combined unaudited 12-month trailing revenue as at September 30, 2021.
“Compatibility and drive”
Hiremii's managing director Chris Brophy said, “We are thrilled to welcome the Inverse team and its clients.
"The completion of this transaction is testament to the compatibility and drive of the two organisations and their teams, together, we will be better placed to leverage the change in our scale and diversified portfolio of clients and expedite growth.
"As a result of the acquisition, we have doubled our addressable market and increased our market penetration five-fold through the distribution of services across more than 30 active clients across the Asia Pacific."
READ: Hiremii's Inverse acquisition to increase revenue, client base and footprint
Transaction benefits
Other benefits from the acquisition include:
- An increase in registered clients from approximately 30 to 70;
- An increase in active revenue-generating clients from 6 to >30 active clients;
- Inverse Group CEO Andrew Hornby to lead Hiremii's market engagement and client acquisition and joins Hiremii as chief commercial officer; and
- Chris Flint will remain as an executive director of Inverse Group.
Inverse Group's CEO Andrew Hornby said, “The team and I are more convinced than ever of the merits of bringing together these two culturally aligned and forward-looking businesses.”
“A natural fit”
"We believed from the outset that both organisations are a natural fit with compatibility in philosophy, client service and the approach of applying technology as a mechanism to enhance our capability,” Hornby said.
"This acquisition significantly broadens the range of solutions we can offer clients via an expanded distribution network, and we are focused on accelerating growth opportunities."
Technology-driven
Hiremii is a technology-driven full-service labour hire and recruitment company with two core business components, Hiremii Recruitment Pty Ltd, a fixed fee recruitment business, and Oncontractor Pty Ltd, a recruitment and full-service labour hire business, providing digitised employee onboarding and labour hire services.
Both businesses, use Hiremii’s cloud-based platform which utilises machine learning and artificial intelligence to remove the tedious manual tasks associated with the recruitment and onboarding process, pre-vetting and shortlisting candidates based on employer’s specific requirements.
About Inverse Group
Inverse Group is a multi-disciplinary, global recruitment and project partner. Through its unique network-driven approach, Inverse Group will help clients to scale their businesses, successfully execute their projects and enable them to develop emerging markets within the energy, resources and digital sectors.