- HIRE Technologies (HIRE) has entered into a definitive agreement to acquire Leaders and Co., Consulting in Governance and Leadership Inc.
- Leaders is an executive search firm with clients across Canada and strong national and international alliances
- It recorded C$3.9 million in revenue and $1 million in EBITDA for the fiscal year ending January 31, 2021
- The acquisition will add a high-margin firm to the HIRE network, enhancing its reach into Québec and boosting EBITDA performance
- HIRE uses technology to consolidate and modernize the staffing marketplace
- HIRE Technologies (HIRE) is up by 6.06 per cent and is currently trading at $0.35 per share
HIRE Technologies (HIRE) has entered into a definitive agreement to acquire Leaders and Co., Consulting in Governance and Leadership Inc.
Leaders is an executive search firm with clients across Canada, strong national and international alliances, and a leading diversity and Indigenous recruitment practice.
Leaders recorded C$3.9 million in revenue and $1 million in EBITDA for the fiscal year ending January 31, 2021. EBITDA was $1.3 million for the trailing twelve months ending March 31, 2021.
HIRE will pay $4.4 million in cash, 3,559,871 common shares priced at $0.309 per share, and $1 million in cash earnouts over three years.
The acquisition will add a high-margin executive search firm to the HIRE network, enhancing its reach into Québec and boosting EBITDA performance.
HIRE intends to complete a non-brokered private placement of up to $3 million in connection with the acquisition. It has also entered into a definitive agreement with FirePower Capital for a $5 million non-revolving term loan facility for the same purpose.
Simon Dealy, HIRE’s CEO, commented,
“The partners at Leaders have created a successful practice based on deep research and exceptional customer service. I am convinced that they will contribute long-term value to HIRE as well as to our clients and existing portfolio companies.”
Richard Joly, Managing Partner of Leaders, remarked,
“It is imperative that executive search firms operate with a view to broaden their networks to remain competitive in our industry. First with our national alliances in 2018, then with our international network at Penrhyn International, and now with our partnership at HIRE, our team of 17 professionals can continue to grow their practices and leverage proprietary tools, including the Leaders Report, all while being supported by HIRE’s shared services.”
HIRE uses technology to consolidate and modernize the staffing marketplace.
HIRE Technologies (HIRE) is up by 6.06 per cent and is currently trading at $0.35 per share as of 10:03 am ET.
