Hiremii, an Australia-based staffing platform for temporary and permanent hiring, is set to debut on the Australian Securities Exchange later this month as it announced it plans to raise AUD 6 million (USD 4.65 million) in an initial public offering.

Hiremii has two core business components, a fixed fee recruitment business (operated via its wholly owned subsidiary, Hiremii Recruitment Pty Ltd) and a recruitment and full-service labour hire business, providing digitised employee onboarding and labour hire services (operated via its wholly owned subsidiary, Oncontractor Pty Lt.

Both businesses usee Hiremii’s propriety cloud-based platform (Hiremii Platform) which uses machine learning and artificial intelligence to remove the manual tasks associated with the recruitment and onboarding process, pre-vetting and shortlisting candidates based on employers’ specific requirements.

Following completion of its offer, the company intends to focus on its growth strategy and plans to:

•       continue to further develop the Hiremii Platform’s existing machine learning and artificial intelligence capabilities with a focus on the candidate

• selection and matching process;

•       establish a customer support services team to assist clients and candidates utilising the Hiremii Platform;

•       increase client engagement and sales and marketing activities, including undertaking a content-led approach to marketing and social media

• engagement to increase the awareness of the Hiremii brand; and

•       expand the labour hire and recruitment business in Australia, by growing the size of Hiremii’s operations team and placing a support team in

• Victoria and New South Wales to service existing clients as well as assist with additional client acquisitions.

Hiremii’s revenue grew from AUD 73,246 (USD 56,776) for the financial year ended 30 June 2018 to AUD 6.18 million (USD 4.79 million) for the financial year ended 30 June 2020. For the six months’ period ended 31 December 2020, revenue was AUD 3.52 million (USD 2.72 million) (the majority of revenue being derived from the labour hire business with the recruitment business only having been recently established).

Hiremii said it is offering 30 million shares at AUD 0.20 (USD 0.16) each to raise AUD 6 million (USD 4.65 million). The company said if its application for listing is accepted by the ASX, it is anticipated that the company will be listed on the ASX on 7 May 2021.

Hiremii’s managing director and CEO Chris Brophy told Proactive Investors the ASX listing would future-proof the business and help it scale up.

“The best pathway for Hiremii to scale is to share it with the market,” Brophy said.

“The funding from the IPO will allow us to deploy teams in New South Wales and Victoria, whilst also investing in our machine learning and AI technology, to make the platform even better than it already is,” Brophy said. “Both of which will augment our ability to scale and generate additional revenue. The recruitment sector is worth about AUD 40 billion, and it is crying out for tech-powered solutions, so we have the potential for gigantic market growth.”

Eager investors should be aware that the Company has a limited operating history as it is in an early stage of its development and has yet to operate on a profitable basis. For the six months up to 31 December 2021, approximately 80% of the Company’s total revenue was derived from one client, UGL.