Hiremii (ASX:HMI) to take over Inverse Group

• Labour-hire and recruitment company Hiremii (HMI) to acquire Inverse Group for $1.5 million
• As set out in a share purchase agreement, HMI will acquire all of the issued share capital of Inverse, subject to the achievement of performance milestones
• CEO Andrew Hornby and Executive Director Chris Flint, both from Inverse, have entered into executive service agreements with HMI
• The takeover will see a combination of the companies’ registered and contracted clients totalling 77
• Shares were trading 2.4 per cent higher at 8.5 cents

Labour-hire and recruitment company Hiremii (HMI) is set to acquire Inverse Group for $1.5 million. Inverse is also a recruitment company, with a focus in the energy, resource and digital sectors across Australia, New Zealand and South-East Asia. As set out in a share purchase agreement, HMI will acquire all of the issued share capital of Inverse, subject to performance milestones being achieved. The payment timeline will see $800,000 paid on completion and $200,000 paid before March 2022, following a twelve-month trailing reviewed or audited revenue of at least $12 million. Additionally, two separate payments of $250,000 are due upon Inverse initially achieving twelve-month revenue of $14 million by March 31 2022, and then $16 million by June 30 2023. With HMI utilising AI-backed technology, Inverse CEO Andrew Hornby said the acquisition is a great opportunity to join an ASX-listed company that delivers 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,” he said. Mr Hornby and Inverse’s Executive Director Chris Flint will continue to work with the company’s business through executive service agreements with HMI. Chris will receive 990,000 performance rights over a period of time to 2023 subject to company milestones being achieved. On the same terms, Andrew is set to receive 2.01 million performance rights. Hiremii CEO Christopher Brophy said the company is thrilled to welcome both Mr Hornby and Mr Flint to the executive team and believes they will bring a wealth of experience. The acquisition will bring together both companies’ registered and contracted clients to a total of 77, and brings the number of active clients to 30. Mr Brophy said the company expects the takeover to expedite its access to markets and provide additional organic revenue through cross selling to a larger portfolio of clients. Hiremii shares were trading 2.4 per cent higher at 8.5 cents as of 1:29 pm AEDT.