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HIREMII LIMITED — M&A Activity 2021
Nov 23, 2021
65064_rns_2021-11-23_628d5e9e-6dcf-43c6-9283-1b2e508735f5.pdf
M&A Activity
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Hiremii Ltd completes acquisition
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ASX Announcement | 24 November 2021
HIREMII COMPLETES ACQUISITION OF INVERSE GROUP PTY LTD
Technology-driven full-service labour-hire and recruitment company Hiremii Limited (ASX:HMI) (Hiremii or the Company) is pleased to announce that it has completed the acquisition of Inverse Group Pty Ltd (Inverse Group), a recruitment business with a focus in the energy, resource and digital sectors across Australia, New Zealand and South-East Asia (Acquisition). The total purchase price for the acquisition of Inverse Group is up to A$1,500,000 (subject to certain performance milestones being achieved). Refer to the ASX announcement dated 5 November 2021 for further details.
As detailed in the ASX announcements dated 5 November 2021 and 12 November 2021, completion of the Inverse Group acquisition will result in the following:
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$14.8m combined unaudited 12 month trailing revenue as at 30 September 2021
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250% increase in registered clients from approximately 30 to 70 registered clients
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500% increase in active revenue generating clients from 6 to >30 active clients
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Geographical expansion into Asia Pacific
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Increased sector diversity now includes energy and resources
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Andrew Hornby, CEO of Inverse Group, to lead Hiremii's market engagement and client acquisition and joins Hiremii as Chief Commercial Officer
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Chris Flint will remain as an executive director of Inverse Group
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 Asia Pacific".
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. We believed from the outset that both organisations are a natural fit with compatibility in philosophy, client service and the approach of apllying technology as a menchism to enhance our capability. 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".
This announcement has been approved by the Board of Hiremii.
Ends
Investor Enquiries Media Enquiries [email protected] [email protected]
Hiremii Limited - ACN 642 994 214 -Ground Floor, Building B, Garden Office Park, 355 Scarborough Beach Road, Osborne Park WA 6017 - t. 1300 280 061 - e. [email protected]
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Legal/77344751_2
Hiremii Ltd completes acquisition
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ABOUT HIREMII LIMITED (ASX:HMI)
Hiremii Limited (ASX:HMI) 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. To learn more please visit: www.hiremiigroup.com
ABOUT INVERSE GROUP
Inverse Group is a multi-disciplinary, global recruitment and project partner. Through Inverse Group’s 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.
To learn more, visit: www.inverse-group.com
Hiremii Limited - ACN 642 994 214 -Ground Floor, Building B, Garden Office Park, 355 Scarborough Beach Road, Osborne Park WA 6017 - t. 1300 280 061 - e. [email protected]
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Legal/77344751_2