Hire Technologies Inc. (TSXV: HIRE), a Toronto-based staffing provider, announced the acquisition of Pulsify Inc., a Boston-based provider of a cloud-based people management software platform that enables company managers to set goals, provide employee feedback, track employee performance and conduct employee surveys among other tasks.

In consideration, Hire Technologies said it will issue 3,143,607 common shares at a deemed price of C$0.607 and has agreed to issue up to an additional US$1.5 million in common shares as performance-based earn-out payments during the three years after closing of the deal.

The acquisition is subject to TSX Venture Exchange approval.

“We are excited to add this highly effective HR technology product to our portfolio, the first of Hire’s HR SaaS products,” Hire CEO Simon Dealy said.

“Good people management is a challenge for many companies, particularly now that teams are working remotely, but it is vital to business success,” Dealy said. “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.”