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Australia – Reclaim Industries to acquire Skills Connect

23 September 2014

Australia rubber recycling and manufacturing company Reclaim Industries announced that it will raise AUD 2 million (USD 1.8 million) to provide funding for its proposed AUD 3.8 million (USD 3.4 million) takeover of cloud-based recruitment business Skills Connect, reports Business News.

The company also advised that it has executed a formal share sale agreement with the company.

Reclaim said it will issue 400 million consideration shares to Skills Connect shareholders, and once the takeover is completed, it will change its name to Skills Connect Limited.

Reclaim will also issue 20,000 performance shares, subject to the achievement of revenue milestones. The share sale agreement is subject to conditional approval as both parties still need to complete due diligence and receive shareholder approval.

Founded in 2009, and headquartered in Sydney, Skills Connect is a Software-as-a-Service model for both candidate profiles and staffing and recruiting software.