HRnetGroup Ltd. (HRNET:SP), a Singapore-based recruitment firm announced that HRnetGroup has entered into a sale and purchase agreement to acquire a 49% stake in fintech startup Octomate Pte Ltd from an independent seller.

The acquisition is expected to complete on or about 10 October 2022, when HRnetGroup will also separately acquire an additional 2% of Octomate from its CEO and Co-Founder Zoey Tong, bringing the total interest of HRnetGroup in Octomate to a majority stake of 51%.

The total consideration for the acquisition is SGD 676,530.61, to be satisfied by way of a cash payment of SGD 650,000 (USD 452,819) to the independent seller. The consideration to be paid to Tong will be announced when the sale and purchase agreement with Tong is entered into.

Founded in 2019, Octomate is a cloud-based workforce management software for enterprises, built on blockchain.

The acquisition of Octomate facilitates the integration of its Instant Payment solution with HRnetGroup’s Ease Works app, which allows contractor employees to be paid instantaneously upon approval of their timesheets.

“We believe that workers should not have to pay fees in order to access their hard earned wages, and are delighted that with this acquisition, earned wage access will be a new benefit available to our contractors at absolutely no cost to them,” Executive Director & Chief Corporate Officer, Adeline Sim, said.

Octomate will remain an independent brand of HRnetGroup.