Hiremii Limited to acquire recruitment business Inverse Group
Hiremii Limited, an Australian labour-hire and recruitment company, has agreed to acquire Inverse Group, a recruitment business focused in the energy, resource and digital sectors in Australia, New Zealand, and South-East Asia.
The consideration offered by Hiremii Limited for the acquisition is up to AUD 1.5 million ($1.1 million), which will be contingent on achieving certain performance milestones.
Christopher Brophy — Hiremii Limited CEO said: “The acquisition of Inverse Group expedites our access to market, is likely to provide additional organic revenue through cross selling across a larger portfolio of clients, substantially reduces client concentration risk and enhances capability across both businesses.”
Inverse Group is said to have 45 registered or contracted clients, of which 24 are active clients. The recruitment company had deployed 80 labour-hire contractors and for the 12 months ending 30 September 2021, had an unaudited revenue of AUD 8.4 million.
Andrew Hornby — Inverse Group CEO said: “This is a great opportunity for us to join an ASX listed company, utilising AI-backed technology to deliver industry leading recruitment outcomes. We are incredibly excited about being an early mover with this technology and the opportunity it presents for delivering a level of quality and service un-paralleled in the industry.
“We are also excited to join a strong, diverse leadership team and help support the future growth of the Hiremii Ltd.”
The deal, which is subject to certain preceding condition such as satisfactory due diligence, is expected to close by mid-November 2021.