Fintech
HIRE Technologies Announces Financial Results for the First Quarter of 2020

For Immediate Release
- HIRE achieved its best quarterly financial results to date with adjusted EBITDA(1) of $50,019 and adjusted net earnings(2) of $12,566, during the three months ended March 31, 2020. Net loss for the quarter was $744,865, or 0.02 per share.
- HIRE’s revenue and profitability is proving to be highly resilient throughout the COVID-19 pandemic with only a 3.6% YoY decrease in revenue for the quarter ended March 31, 2020, offset by a 3.8% YoY increase in gross profit compared to the quarter ended March 31, 2019.
- HIRE has made key changes to its leadership team to enhance and execute on its strategic plan, promoting Simon Dealy to CEO and Eric Loree to Chief Legal Officer while adding Dan Teguh as VP, Finance.
Toronto, Ontario–(Newsfile Corp. – June 1, 2020) – HIRE Technologies Inc. (TSXV: HIRE) (“HIRE” or the “Company”) announces financial results for the quarter ended March 31, 2020.
“While the COVID-19 pandemic has created a high degree of uncertainty for many people, we feel truly fortunate that our operations were uninterrupted and that we continue to provide a high level of service in support of our clients. As we evolve our business, we are leveraging our expertise in flexible staffing solutions to keep the businesses of our clients operating during these challenging times,” said Simon Dealy, Chief Executive Officer.
COVID-19 did not have a material financial impact on HIRE for the quarter ended March 31, 2020. This demonstrated the resiliency of HIRE’s recurring temporary placement revenues. Given the measures taken by all levels of government to slow the spread of COVID-19 and the consequent impact on the economy, the Company continues to be vigilant and focused on opportunities where it can help clients.
“Organizations rely on us to provide qualified IT, finance and back-office staff,” continued Mr. Dealy. “With a focus on technology-driven solutions, HIRE is well-positioned to help re-engage impacted workers as the economy transitions out of the lock-down phase of the pandemic.”
First Quarter Highlights
- For the quarter ended March 31, 2020, the Company’s revenue was $2,902,786, slightly lower than $3,011,887 for the quarter ended March 31, 2019, a difference of $109,101.
- Gross profit as a percentage of revenue for the quarter ended March 31, 2020, was 23.8%, up from 22.1% for the quarter ended March 31, 2019.
- Adjusted EBITDA was $50,019 for the quarter ended March 31, 2020 versus ($330,926) in 2019.
- Net loss for the period was $744,965 or 0.02 per share (March 31, 2019 – $849,938 or 0.01 per share). Adjusted net earnings were $12,566 (March 31, 2019 – adjusted net loss of $432,156 or 0.01 per share).
- A comprehensive reorganization was initiated by management at the end of the quarter, which will result in significant expense reductions going forward.
- The Company’s cash flow from operations was a net cash outflow of $1,599,453 for the quarter ended March 31, 2020 (March 31, 2019 – $1,060,850).
- The Company has a revolving demand operating facility with a credit limit of the lesser of $1,700,000 and the percentages of certain qualified receivables. As at March 31, 2020, the balance outstanding on the facility was $nil (March 31, 2019 – $1,425,000).
- On February 20, 2020, HIRE and RSI International Systems Inc. (NEX: RSY.H) (“RSI”) entered into a letter of intent pursuant to which the Company and RSI have agreed to amalgamate with the combined entity continuing operations under the name of HIRE.
Outlook
For the remainder of 2020, the Company plans to focus on the following objectives:
- Follow a disciplined acquisition and capital allocation strategy,
- Achieve organic growth for its existing operating businesses,
- Complete the reorganization of HIRE’s current operations, and
- Increase awareness of HIRE and its unique value proposition.
Selected Financial Highlights
Please see SEDAR for complete copies of the Company’s unaudited condensed consolidated interim financial statements and MD&A for the three months ended March 31, 2020.
Three months ended March 31, 2020 |
Three months ended March 31, 2019 |
|
$ | $ | |
Net loss | (744,965) | (849,938) |
Interest | 16,559 | 57,974 |
Amortization | 22,650 | 22,650 |
Depreciation | 69,452 | 47,231 |
Tax | (4,660) | (4,373) |
EBITDA | (640,964) | (726,456) |
Add: | ||
Restructuring and other non-recurring items | 717,531 | 417,782 |
Rent expense | (26,548) | (22,252) |
Adjusted EBITDA | 50,019 | (330,926) |
Three months ended March 31, 2020 |
Three months ended March 31, 2019 |
|
$ | $ | |
Net loss | (744,965) | (849,938) |
Add: | ||
Restructuring and other non-recurring items | 717,531 | 417,782 |
Non-recurring rent | 40,000 | – |
Adjusted net earnings (loss) | 12,566 | (432,156) |
Footnotes:
(1) EBITDA and adjusted EBITDA are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. EBITDA is defined as net income/loss adjusted to exclude interest, taxes, depreciation, and amortization, and provides management with insight into the operating performance of HIRE and its operating subsidiaries without the impact of significant accounting policies on depreciation and amortization, financing, and tax implications. Adjusted EBITDA is defined as EBITDA, excluding restructuring and other non-recurring items. Adjusted EBITDA is also adjusted to include rent payments, which are not accounted for in EBITDA following the adoption of IFRS 16 Leases. Management believes that EBITDA and adjusted EBITDA are useful measures in evaluating the performance of the Company.
(2) Adjusted net earnings (loss) is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS. The Company defines net earnings (loss) as net earnings (loss) excluding restructuring and other non-recurring items. Management believes that adjusted net earnings (loss) is a meaningful metric in assessing the Company’s financial performance.
About HIRE Technologies
HIRE is focused on the acquisition of information technology, staffing, and HR consulting firms. We provide our partners with meaningful cross-selling opportunities, access to leading technology, and a centralized back-office system to support growth.
For further information, please contact:
HIRE Technologies Inc.
Simon Dealy, Chief Executive Officer
Phone: (647) 868-9611
Email: [email protected]
Web: hire.company
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Information
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to hereafter as “forward-looking statements”) within the meaning of applicable Canadian securities legislation.
All statements that address activities, events or developments that HIRE Technologies expects or anticipates will, or may, occur in the future, including statements about HIRE’s business prospects, future trends, plans, strategies, including, in particular, HIRE’s acquisition strategy and expense reductions, and the expected benefits thereof, are forward-looking statements. In some cases, forward-looking statements are preceded by, followed by or include words such as “may”, “will”, “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “proposes”, “anticipates”, “targeted”, “continues”, “forecasts”, “designed”, “goal”, or the negative of those words or other similar or comparable words.
Although the management of HIRE believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement herein will prove to be accurate.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of HIRE to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others: risks related to the recent outbreak of COVID-19, which may have material adverse effects on the global financial markets, and its business, financial position, financial performance, and cash flows; the impact on the business of broader economic factors; alignment of HIRE’s’ cost structure with revenue; HIRE’s limited operating history and needs for additional capital; uncertainty relating to liquidity and capital requirements; risks inherent in HIRE’s acquisition strategy; HIRE may not be able to obtain financing necessary to implement HIRE’s business plan; HIRE may not be able to obtain access to technology necessary to compete in the recruiting industry; HIRE operates in a highly competitive industry and may be unable to retain clients or market share; barriers to client portability are low; reliance on key management; and compliance with financial reporting and other requirements as a public company. Additional risks and uncertainties applicable to the Company, as well as trends identified by the Company affecting it and the staffing industry can be found in the Company’s continuous disclosure record available on SEDAR including the Company’s Management’s Discussion and Analysis dated June 1, 2020, and the Company’s Filing Statement dated November 26, 2019, and in particular, the sections entitled “Risk Factors” and “Narrative Description of the BTG Business – Regulatory and Trends.” Although HIRE has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended.
Such cautionary statements qualify all forward-looking statements made in this press release. HIRE undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56967
Fintech
NOVASPARKS EXPANDS ITS OPERATIONS IN ASIA-PACIFIC

NovaSparks™, the leading field programmable gate array (FPGA) market data company, is pleased to announce the appointment of Clément Pelletier as the new sales and marketing director, based in Bangkok, Thailand. Pelletier will report to Dr. Luc Burgun, CEO and president, beginning on December 1st, 2023.
“Clément possesses a wealth of experience that makes him unique in the industry,” said Luc Burgun, NovaSparks’ chief executive officer and president. “His thorough understanding of the sales process, particularly in the field of trading tools which he acquired over 20 years in Asia, makes him ideally suited to drive our sales and marketing initiatives in APAC. We are pleased to welcome Clément and look forward to his leadership in expanding our operations in Asia.”
Pelletier brings to NovaSparks solid experience in sales and marketing in Asia. Most recently, he served as sales director for the APAC office of Horizon Software, a global leader in electronic trading solutions and algorithmic technology. Prior to Horizon Software, he served as CEO of CPIT, an IT services and consulting, specialized in the Fintech industry, based in Hong Kong. Pelletier holds a Master of Engineering from INSA Lyon.
Fintech
Broadridge Investment Management Technology Enhances Carlyle’s Private Credit and CLO Portfolio Management Operations

Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) announced today that its cloud-based solution, Sentry, has been implemented at global investment firm Carlyle in support of its private credit and collateralized loan obligation (CLO) portfolio management. The Sentry private credit and CLO portfolio management technology will enable Carlyle to more efficiently manage its deal pipeline, trade compliance and loan operations on a single platform, and scale operations as the platform grows.
“With increased demand in credit products and ongoing growth of our product offerings, we wanted the right technology that would enable us to scale up and achieve a platform approach,” said Jim Keogh, Carlyle’s Managing Director and Head of Operations for Global Credit. “Sentry has smoothly integrated with our technology stack and provides functionality that will improve our capabilities as we grow.”
“Working closely with Carlyle, we customized Sentry to specifically suit their portfolio management requirements, which emphasized the need to help manage all aspects of private credit and CLO administration,” said Mike Sleightholme, Broadridge’s president of international and head of asset management solutions. “This implementation really showcases the value of the flexibility and scalability our solution offers and how it helps position firms for growth.”
Broadridge’s Sentry PM is a scalable web-based solution that provides front-to-back-office functionality to both the private debt and syndicated loan markets to increase overall efficiency, including research and pipeline management, pre- and post-trade compliance, analysis of hypothetical trade scenarios, dynamic waterfall projections, loan administration, and data aggregation across strategies, portfolios and assets.
Fintech
Nuvei enters global payments partnership with Microsoft

Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that it has partnered with Microsoft to deliver leading payment experiences for customers of its products, solutions, and services across many of its key markets.
Microsoft will start using Nuvei’s customizable and agile payments technology in the Middle East and the Africa region, while benefiting from Nuvei’s deep knowledge of local markets to optimize its payments for recurring billing and individual transactions across both its Office and Xbox product ranges.
Other benefits of Nuvei’s global payments capabilities Microsoft is harnessing include optimized authorization rates through local acquisition and superior risk management that minimize false declines, as well as Nuvei’s ability to offer all of the relevant local alternative payment methods (APMs) to each market through a single integration. Philip Fayer, Nuvei Chair and CEO said: “Enabling Microsoft to connect to its customers across a wide range of products is testament to our technology and dedication to world-class customer service. We’re excited to optimize payments for such a universal brand that is trusted and relied upon by so many people.”
“We’re pleased to extend our payment solutions to the Middle East and African region,” added Ajith Thekadath, Vice President Global Payments at Microsoft. “Whether it is a one-off purchase, software subscription, or in-game purchasing, payments are critical to our overall customer experience. Partnering with Nuvei enables our customers to pay wherever they are and whenever they want to.”
Extending the partnership across geographies and use cases
Nuvei and Microsoft are committed to extending this partnership across additional markets, as well as exploring new use cases to enhance the overall Microsoft experience. This includes Microsoft Dynamics 365, its business applications technology suite that drives operational efficiency and improved enterprise resource management.
Fayer commented: “As two innovative, technology-led businesses that provide solutions to many of the leading international brands across the globe, it makes sense to explore how we can work more cooperatively as we grow our commercial relationship.”
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