Hiremii, an Australia-based staffing platform for temporary and permanent hiring, announced that it has entered into a share purchase agreement to acquire 100% of the issued share capital of Inverse Group Pty Ltd.

Inverse is a recruitment firm with a focus in the energy, resource and digital sectors across Australia, New Zealand and South-East Asia.

The total purchase price for the acquisition of Inverse Group is up to AUD 1.5 million (USD 1.1 million), which is subject to certain performance milestones being achieved.

The completion payment will be funded via the Company’s existing cash reserves. The milestone payments will be subject to adjustments in respect to Inverse Group’s debt position as at completion.

Andrew Hornby, Inverse Group CEO, said, “This is a great opportunity for us to join an ASX listed company, utilising AI-backed technology to deliver industry leading recruitment outcomes. We are incredibly excited about being an early mover with this technology and the opportunity it presents for delivering a level of quality and service un-paralleled in the industry. We are also excited to join a strong, diverse leadership team and help support the future growth of the Hiremii Ltd.”

Christopher Brophy, Hiremii Limited CEO, “The acquisition of Inverse Group expedites our access to market, is likely to provide additional organic revenue through cross selling across a larger portfolio of clients, substantially reduces client concentration risk and enhances capability across both businesses. Most of all I am thrilled to welcome Andrew Hornby and Chris Flint (director, contracts, Inverse Group) to our executive team; they bring with them a wealth of experience and are highly regarded in the industry. I look forward to working with them.”

Both Hornby and Flint, of Inverse Group, will continue to be engaged in Inverse Group’s business.

Hiremii last week provided a financial and operational update for the quarter ended 30 September 2021. Total unaudited revenue for the quarter stood at AUD 1.3 million (USD 0.9 million), with revenues lower than anticipated due to lockdowns across the eastern seaboard, impacting one of the company's client contracts.