Toronto, Ontario–(Newsfile Corp. – January 26, 2021) – HIRE Technologies Inc. (TSXV: HIRE) (“HIRE” or the “Company”), a company focused on modernizing and digitizing human resources as a business, is pleased to provide the following corporate update reflecting on operational results in fiscal Q3 and Q4 2020:
- HIRE closed three acquisitions in fiscal, Q3 and Q4 2020, establishing a national presence in Canada, and added sales, marketing, operations, general labour, healthcare, and real estate staffing solutions.
- During fiscal Q3 and Q4 2020, the Company has grown internal employees by 50% with the addition of three subsidiaries. It continues to expand in-house talent in sales and recruitment across its subsidiaries to help drive further growth, adding several professionals in Q4 2020.
- In Q3 2020, HIRE partnered with Atlas ID, gaining exclusive Canadian rights to this digital, turnkey COVID-19 employee testing platform for employers. Atlas ID is HIRE’s first SaaS product.
- HIRE completed two rounds of private placement financing in Q3 and Q4 2020, totaling $6.5M. Since closing the financings, the Company has used the proceeds to aggressively execute its acquisition strategy.
- HIRE has seen a steady inflow of job orders across its subsidiaries in Q4 2020 (over 720), realizing more than 360 successful job placements (an increase of approximately 311% from Q4 2019 in part due to growth by acquisition)
“Over the last two quarters, we have been working exceptionally hard to grow the Company’s revenue and increase our geographic reach. Since the start of 2020, we have attained an upward trajectory for our share price and raising our market cap from $8M to approximately $40M, creating value for our shareholders all during the worst pandemic in a century,” commented Simon Dealy, Chief Executive Officer. “Our recent acquisitions have added strong leaders to our team, and our operational focus for Q1 2021 is to integrate them into the HIRE Technologies network.”
In addition to completing five acquisitions to date and establishing a solid foundation from which to build, HIRE has developed a robust pipeline of acquisition targets to continue its aggressive growth strategy:
- HIRE anticipates completing additional acquisitions within Canada in fiscal 2021 as it continues to solidify its coast-to-coast staffing presence.
- HIRE also plans to complete the first of its US-based acquisitions in fiscal 2021.
- HIRE anticipates another SaaS technology acquisition this fiscal year to deliver on its technology first strategy to complement staffing. These transactions will build upon HIRE’s success while expanding into the highly accretive SaaS technology segment to drive synergies and additional revenue streams.
About HIRE Technologies Inc.
HIRE Technologies is building a network of staffing, IT, and HR consulting firms. We help our partners navigate the changing world through growth solutions, focusing on digital transformation. Our partnership model emphasizes our brands’ identity and independence and provides the resources, support, and expertise to take their businesses further. We offer valuable advice and insights to our clients while delivering innovative solutions, enhancing their HR teams, and connecting them with the best people for their business.
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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.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws including, but not limited to: the successful completion of future acquisitions in Canada and the United States, and the post-acquisition operations of such entities, SaaS technology acquisitions and the benefits to be realized from such proposed transactions, and the successful integration of prior and proposed acquisitions within the Company’s business. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, the forward-looking information discussed above. These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the business objectives of the parties.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.