Join our daily newsletter At The Bell to receive exclusive market insights
- Cloud-based software company ReadyTech Holdings (RDY) to buy online recruitment management company PhoneixHRIS for $3.3 million
- The company said the purchase will enhance its workforce solutions product market
- The purchase price involves an upfront payment of $2.1 million and a deferred consideration of up to $1.2 million
- ReadyTech said this purchase is expected to deliver a revenue of $240,000 in FY22
- On market close, ReadyTech is up 2.03 per cent and trading at $3.02 per share
ReadyTech Holdings (RDY) has agreed to buy online recruitment management company PhoneixHRIS for $3.3 million.
The company said the purchase will enhance its workforce solutions product market.
PhoneixHRIS is offered both as an end to end suite module, with key modules including job requisition, recruitment, video screening, candidate testing and verification and onboarding.
The purchase price involves an upfront payment of $2.1 million and a deferred consideration of up to $1.2 million to be funded by existing cash reserves.
“We are excited to announce the acquisition of PhoenixHRIS and we welcome the new team into our high performing ReadyTech culture. With its modern user interface, the cloud native and modular PhoenixHRIS platform aligns closely with ReadyTech’s people-centric approach,” Co-founder and CEO Mark Washbourne said.
“The acquisition bolsters our Workforce Solutions all-in-one capability and product-market fit in the stand-up economy, which we expect will create strong cross sell/upsell opportunities in our existing customer base, as well increasing the attractiveness of the ReadyTech all-in-one platform to new customers as we tightly couple this additional functionality into the suite.”
This purchase is expected to deliver a revenue of $240,000 in FY22, according to ReadyTech.
On market close, ReadyTech was up 2.03 per cent and trading at $3.02 per share.
