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The Human resource management software company HemiPhon has received a US$ 45 million “financing commitment” from New York-based MidOil USA to be carried out in the next five years. The deal will finance HemiPhon’s global expansion plans.
HemiPhon PLC is a developer and supplier of workforce management solutions.
As part of the agreement, HemiPhon’s major shareholders have agreed to contribute 300 million shares of stock, which will be used by MidOil USA to generate cash infusions for the company’s international expansion and growth.
MidOil USA's financing activities will supplement the existing revenue from HemiPhon’s Australian business to fund expanded operations and acquisitions.
“The MidOil USA finance agreement is the last plank in our expansion plans covering the next five years,” said HemiPhon Chairman Phil Jones said.
“Over the past 15 years, we have proven our software and delivery platform in Australia, successfully competing against other global HRM software companies. We have spent the last 12 months test-marketing in the USA, and are in discussions with companies interested in buying or reselling our E-tivity range of HRM software products.
“HemiPhon is now ready to seek partnerships in the USA, Middle East and India as a result of the MidOil USA financing agreement,” added Mr Jones.