Truli Technologies Inc. (OTC: TRLI) signed a letter of intent to acquire Recruiter.com Inc., a website based in Bristol, Conn., that links job seekers, recruiters and employers. Truli plans to change its name to Recruiter.com and update its ticker symbol once the deal is complete.

Truli is a New York-based development-stage technology company specializing in tech hiring software through its wholly owned subsidiary VocaWorks Inc.

Under the deal, Recruiter.com will receive shares of Truli’s preferred stock, which will be convertible to 775 million shares of Truli’s common stock.

Truli previously announced it had a license to use Recruiter.com’s software effective Oct. 30, 2017. Truli issued Recruiter.com 125 million shares of common stock at the time, according to a filing with the US Securities and Exchange Commission. It also agreed to issue 625,000 shares of series B stock upon the lunch of a functional software platform, and there was an earnout for 1.25 million more shares — Recruiter.com agreed to give up the right to receive the series B shares with this deal, according to Truli’s announcement.

The merger is subject to due diligence by Truli’s special committee, negotiation and execution of a definitive merger agreement, completion of the proposed financing, further approval by the special committee and other customary closing conditions.