- HIRE (HIRE) has signed an agreement to divest from Taylor Ryan Inc.
- The cashless transaction will reduce 2023 capital commitments by $9.7 million, reduce current liabilities by $7.9 million and result in an expected gain in Q4 2022
- The company is also announcing that professional services veteran Charlie Cooper will succeed Dan Teguh as CFO, effective today
- CEO Simon Dealy sat down with Daniella Atkinson to discuss the news
- HIRE Technologies is a workforce management and staffing company
- HIRE (HIRE) closed up by 10 per cent, trading at $0.055 per share
HIRE Technologies (HIRE) has signed an agreement to divest from Taylor Ryan Inc.
The sale of the real estate and construction vertical allows HIRE to extinguish a 2023 capital commitment of $9.7 million and record an expected gain on the sale in Q4 2022.
The transaction will also reduce net assets by $4.8 million and current liabilities by $7.9 million in contingent remuneration.
The cashless transaction, which closed today, includes transitional services from HIRE.
Prior to the close, HIRE purchased certain Taylor Ryan receivables for a $1 million secured promissory note bearing interest at 8 per cent. The note will rank junior to the company’s senior secured lending facilities.
Leadership change
Charlie Cooper will succeed Dan Teguh as CFO, effective today. Cooper brings many years of international business and public company experience with professional services companies.
CEO Simon Dealy sat down with Daniella Atkinson to discuss the news.
HIRE Technologies is a workforce management and staffing company supported by a large, recurring revenue base and a highly-scalable shared services platform.
HIRE (HIRE) closed up by 10 per cent, trading at $0.055 per share.