Hiremii, an Australia-based staffing platform for temporary and permanent hiring, saw shares drop in value by nearly 30% today following an overall slump in tech stocks on the Australian Securities Exchange, reports Business News Australia. Hiremii was admitted to the ASX following the completion of a AUD 6 million (USD 4.7 million) initial public offering in April. The company offers fixed-fee recruitment and labour hire platforms and is seeking to further grow its proprietary cloud-based platform.

In an interview with Stockhead, Hiremii CEO Chris Brophy claimed its technology is able to significantly reduce the whole process of recruiting, from the 48-60 days average time, to just five days in some cases. Brophy also said Hiremii is able to offer low fees due to its low-cost tech-focused business model, which can scale without needing to hire more representatives and agents. For its permanent placement service, the company currently charges a success fee of $4,500 for white collar jobs, and $1,250 for blue collar. This compares to 15% to 25% of base salaries that most other recruiters are charging.

Shares in the company opened at AUD 0.16 (USD 0.13) before closing at AUD 0.145 (USD 0.11). It finished the day with a market capitalisation of AUD 10.5 million (USD 8.2 million).