HIRE Technologies Inc. (TSXV: HIRE) (“HIRE” or the “Company”), a company focused on modernizing and digitizing human resources solutions, is pleased to announce that it has acquired substantially all the assets (the “Acquisition”) of Pulsify, Inc. (the “Vendor”). The Acquisition was completed pursuant to the terms of an asset purchase agreement dated effective April 1, 2021 between HIRE, BTG Holdco Inc., a wholly-owned subsidiary of HIRE, the Vendor and the shareholders of the Vendor, each of whom is arm’s length to the Company.
“We are excited to add this highly effective HR technology product to our portfolio, the first of HIRE’s HR SaaS products,” commented Simon Dealy, CEO of HIRE. “Good people management is a challenge for many companies, particularly now that teams are working remotely, but it is vital to business success. Our clients have already requested assistance in this area, and we will be able to provide this cost-effective solution that does not require the implementation of an entire HR team.”
“We are looking forward to working with HIRE Technologies and believe that this partnership will help us to build further momentum for Pulsify by opening doors to new markets and growth channels,” commented Bennett Fisher, Co-Founder of Pulsify. “We created Pulsify for any business environment, to make it easier for managers to become better at what they do but ultimately to resolve the challenges that many businesses experience in implementing people management strategies.”
As partial consideration for the Acquisition, HIRE has issued 3,143,607 common shares of HIRE at deemed price per share of $0.607 and has agreed to issue up to an additional $1,500,000 USD in common shares as performance based earn-out payments during the three years after closing of the Acquisition. Shares issued in connection with the Acquisition will be subject to a 12-month escrow restriction from the date of issuance. The earn-out shares will be priced at the greater of the 10 day VWAP Market Price and the Discounted Market Price preceding the end of the quarter in which an earn-out share target is reached. No finder’s fees were paid in connection with the Acquisition. The Acquisition is subject to TSX Venture Exchange approval.