Fintech
HIRE Technologies to Acquire Leaders and Co., Consulting in Governance and Leadership Inc., Announces $5.0 Million Loan Facility and up to $3.0 Million Concurrent Financing
Toronto, Ontario–(Newsfile Corp. – August 6, 2021) – HIRE Technologies Inc. (TSXV: HIRE) (“HIRE” or the “Company”), a company focused on modernizing and digitizing human resources solutions, announces that it has entered into a definitive arm’s length share purchase agreement dated August 5, 2021 (the “Agreement”) with the shareholders of Leaders and Co., Consulting in Governance and Leadership Inc. (“Leaders”), to acquire all of the issued and outstanding shares of Leaders (the “Acquisition”).
Acquisition Highlights
- The proposed addition of a high margin premier executive search firm to the HIRE network will enhance HIRE’s geographic reach into Québec and boost its EBITDA performance.
- For the fiscal year ending January 31, 2021, Leaders recorded $3.9 million in Revenue and $1.0 million in EBITDA. For the trailing twelve months ending March 31, 2021 EBITDA was $1.3 million.
- HIRE was provided with a term-loan facility of $5.0 million from FirePower Capital to continue its acquisition strategy.
- HIRE concurrently announces a non-brokered private placement to directly support the Acquisition in an amount of up to $3.0 million.
Leaders is an innovative and trusted executive search firm with clients across Canada, strong national and international alliances, and a leading Diversity and Indigenous recruitment practice.
“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,” said Simon Dealy, HIRE’s CEO. “We also look forward to collaborating closely with the other Leaders International affiliates in Vancouver, Edmonton, and Calgary and its international network through Penrhyn International.”
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.”
The purchase price for the Acquisition is payable as to $4.4 million in cash, 3,559,871 common shares of the Company at a deemed price of $0.309 per share (the “Consideration Shares”), and $1.0 million in an earn-out payable over three years in cash subject to meeting prescribed financial thresholds. The entire leadership team of Leaders, Richard Joly, Cynthia Labonté, Laurie Sterritt, Yanouk Poirier, and Philippe Burton, will be continuing in the business following the Acquisition.
Closing of the Acquisition is subject to customary closing conditions including receipt of any necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange, and the closing of the Loan and Concurrent Financing.
FirePower Capital Term-Loan Facility
HIRE is also excited to announce that it has entered into a definitive agreement with FirePower Capital (the “Lender”) for a $5.0 million non-revolving term loan facility (the “Loan”). Pursuant to the terms of the definitive agreement, the disbursement of $3.0 million will be made to finance the Acquisition (the “Initial Draw”). The balance of the Loan may be drawn in two $1.0 million increments for future acquisitions (“Subsequent Draws”).
The Loan will have a three-year term and will bear interest at 12% and is secured over all of the present and future property of the Company and its current operating entities. The Loan and Subsequent Draws is subject to customary financial and other covenants for a transaction of this type.
Concurrently with the release of the Initial Draw, HIRE has agreed to issue 2,613,493 share purchase warrants (“Facility Warrants”) to the Lender. Pursuant to the terms of the certificate representing the Facility Warrants, each Facility Warrant will entitle the Lender to purchase one Company common share at a price of $0.383 for a period of 3 years with a cashless exercise feature. With each Subsequent Draw, HIRE has agreed to issue that number of additional warrants such that the aggregate value is equal to 5% of the Loan at an exercise price equal to the 5 day volume weighted average market price of the Company common shares at the time of a Subsequent Draw plus 10% (“Future Warrants”). The issuance of the Facility Warrants and Future Warrants are subject to approval of the TSX Venture Exchange.
Private Placement Financing
HIRE intends to complete a non-brokered private placement financing of up to $3.0 million at $0.30 per unit with each unit consisting of one common share and one half of one share purchase warrant with each whole warrant exercisable for one common share for a period of 24 months at $0.45 per common share (the “Concurrent Financing”).
The Company may pay eligible finders a fee consisting of: (i) a cash payment equal to 7% of the gross proceeds raised from the Concurrent Financing and (ii) non-transferable finders’ warrants entitling the holder to purchase that number of common shares as is equal to 7% of the units, in each case, attributable to units purchased by subscribers introduced to the Company by eligible finders (the “Finder Warrants”). Each Finder Warrant is exercisable for one common share at a price of $0.30 per common share until 24 months after closing of the Concurrent Financing.
The Consideration Shares, the Facility Warrants, Future Warrants and all securities issued in connection with the Concurrent Financing will be issued pursuant to an exemption from applicable securities laws and be subject to a four-month and one day hold period from their date of issue under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The Company intends to use the proceeds of the Concurrent Financing and the Loan for the completion of the Acquisition. The Concurrent Financing is integral to the proposed Acquisition and therefore the Company expects to rely on the “part and parcel pricing” exemption outlined in Section 1.7 of TSX Venture Exchange Policy 4.1. The balance of proceeds from the Loan will be used to advance the Company business plan and for working capital purposes.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Payment of Debenture Interest in Equity and Engagement Agreement
The Company also announces that it issued a total of 204,501 common shares in satisfaction of its obligations to pay $73,620 in interest to the holders of its 9% unsecured debentures issued August 21 and 24, 2020. For further information, please see the Company press release dated July 19, 2021.
The engagement agreement announced by the Company on May 12, 2021 between the Company and Eight Capital was mutually terminated on August 5, 2021.
About HIRE Technologies Inc.
HIRE is investing in and shaping the future of human resource management with a technology- first focus, by consolidating and modernizing the staffing marketplace. The Company owns and operates staffing firms as well as platform technology that it uses to help those firms become more technologically advanced. The Company is a disciplined capital allocator due to its technology DNA and extensive experience in building and growing staffing companies of all types. HIRE has a large recurring revenue base and helps our clients manage change in the workplace in order to achieve success.
About Leaders
Leaders is one of Canada’s top executive search firms. Leaders offers clients an extensive global database, unprecedented leadership in diversity-centric and indigenous executive recruitment, bilingual capabilities, and the Leaders Report® – a unique research methodology that has created a new standard in search transparency. As a member of Penrhyn International, Leaders also has access to a global network of talent.
About FirePower Capital
FirePower Capital is the private capital and M&A advisory firm built for Canada’s entrepreneurs. Its team of 30+ deal professionals help their mid-market businesses complete mission-critical transactions by advising them or investing in their companies directly.
For further information, please contact:
HIRE Technologies Inc.
Simon Dealy, Chief Executive Officer
Phone: (647) 264-9196
Email: [email protected]
Web: hire.company
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 expects or anticipates will, or may, occur in the future, including statements about HIRE and Leader’s business prospects, future trends, plans, strategies and HIRE’s acquisition strategy, the satisfaction of conditions to and the closing of the Acquisition and related transactions and the expected benefits to HIRE and Leaders resulting from the Acquisition, the satisfaction of conditions to and closing of the Loan and Concurrent Financing and related transactions, involvement of finders and use of proceeds, and TSX Venture Exchange approval to close the Acquisition, Loan and Concurrent Financing and related transactions and issuances of securities 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”, “anticipate” 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. 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 information, there may be other factors that cause results not to be as anticipated, estimated, or intended. 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 Annual Information Form dated June 8, 2021 and its continuous disclosure record available on SEDAR.
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.
Neither the TSX Venture Exchange 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.
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Curated in collaboration with the London School of Economics and Political Science (LSE)
The global financial industry stands at a pivotal juncture, facing a rapidly evolving landscape shaped by technological disruption, sustainability mandates, and geopolitical uncertainties. The end of prolonged accommodative monetary policies has ushered in an era of increased scrutiny, regulatory tightening, and heightened demand for innovation. At the same time, financial technology (fintech) continues to transform the sector, driving new opportunities and challenges for traditional banking systems.
This article delves into the strategic issues currently defining Banking and Capital Markets. Drawing from expert insights curated by Lutfey Siddiqi, Visiting Professor-in-Practice at LSE, it examines the dynamic risk environment, emerging technology trends, shifts in banking business models, and the growing focus on sustainability and talent development.
Key Issues Influencing Banking and Capital Markets
- The Financial Risk Landscape: Heightened geopolitical tensions and regulatory demands are reshaping the industry.
- Financial Technology: Emerging technologies such as artificial intelligence (AI) and blockchain offer potential but also pose significant implementation challenges.
- Banking Business Models: Institutions are adopting diverse strategies to navigate competition and shifting market demands.
- Financial Talent: Attracting the next generation of banking professionals requires a clear purpose and forward-thinking policies.
- Sustainability and Finance: Balancing environmental and social goals with immediate business priorities is a growing challenge.
1. Latest Insights: Shifting the Banking Paradigm
Experts highlight the profound challenges and opportunities facing financial institutions today. From geopolitical volatility to advances in fintech, the banking landscape demands unprecedented agility. Recent developments include:
- Monetary Policy Adjustments: China’s central bank explores easing policies to boost investment.
- Regulatory Scrutiny: Global banking rules, such as Basel 3.1 reforms, are under review, signaling potential shifts in global supervision.
- Financial Inclusion: Updates from the Financial Action Task Force (FATF) aim to balance anti-money laundering standards with broader access to financial services.
These trends emphasize the need for financial institutions to anticipate disruptions while fostering resilience and innovation.
2. Strategic Context: Transforming Banking in a High-Stakes Era
2.1 The Financial Risk Landscape
Banks are grappling with an increasingly volatile environment characterized by geopolitical tensions, regulatory reforms, and market disruptions. The end of ultra-loose monetary policies has highlighted weaknesses in traditional funding models, exemplified by the high-profile collapses of Silicon Valley Bank and Credit Suisse in 2023.
Regulators are tightening oversight, expanding their focus to include non-bank institutions and fintech companies. Additionally, rising geopolitical tensions demand localized data operations, robust cybersecurity measures, and new approaches to global strategy.
Key takeaway: In an age of uncertainty, resilience and stability are essential.
2.2 Financial Technology
The Fourth Industrial Revolution continues to reshape banking through advancements like AI, blockchain, and quantum computing. However, challenges remain, such as limited real-world blockchain applications and increasing cybersecurity risks tied to digitalization.
Financial institutions must adopt technology thoughtfully, focusing on solutions that address specific operational pain points and align with organizational goals. Balancing efficiency with contingency planning for outages and cyber threats is paramount.
Key takeaway: Tech adoption must prioritize practicality, security, and alignment with purpose.
2.3 Banking Business Models
Global trends are driving a diversification of banking models. Some institutions are scaling back operations in unprofitable markets, while others are leveraging acquisitions or digital innovation to expand. The rise of big tech competitors—armed with vast behavioral data—adds a new layer of complexity to the competitive landscape.
Emerging trends include:
- Consolidation of corporate and private banking services.
- Strategic retreats from costly markets, such as HSBC’s exit from US retail banking.
- Big tech firms offering financial services as data-driven loss leaders.
Key takeaway: Differentiation and adaptability are critical in a fragmented, competitive market.
2.4 Financial Talent
The banking sector faces a mounting talent crisis, particularly among younger generations who view the industry as outdated or misaligned with their values. To attract top talent, banks must redefine their purpose and emphasize their commitment to sustainability, innovation, and career growth opportunities.
Surveys indicate that young professionals seek workplaces offering training, flexibility, and inclusive leadership. Reskilling initiatives and a focus on digital expertise will also be key to preparing employees for the future.
Key takeaway: A compelling vision for the future of banking is essential to attract and retain top talent.
2.5 Sustainability and Finance
Sustainability has become a focal point for the financial industry, driven by growing demand for ESG (Environmental, Social, and Governance) initiatives. However, backlash against greenwashing and tokenism has led banks to reevaluate their approaches.
Balancing short-term priorities like energy security with long-term goals like combating climate change requires bold leadership. Opportunities abound in areas such as carbon trading, green bonds, and sustainability-linked investment products. However, success demands authenticity and a commitment to systemic change.
Key takeaway: Embedding sustainability into core operations is vital for long-term success.
Transformation Maps: A Strategic Tool for Leaders
This analysis leverages the World Economic Forum’s Strategic Intelligence Transformation Maps, which provide an interconnected view of global trends and challenges. These tools enable leaders to explore key topics, such as cybersecurity, fintech, and sustainability, and understand how they shape the future of Banking and Capital Markets.
Conclusion
The financial industry’s journey through this transformative era requires agility, innovation, and a deep commitment to purpose. From adapting to geopolitical tensions to embracing sustainability and nurturing top talent, financial institutions must strike a delicate balance between tradition and progress.
By leveraging technology, redefining business models, and embedding ESG principles into their strategies, the sector can navigate today’s challenges and build a resilient, forward-thinking future.
For more insights and resources, visit the World Economic Forum’s Strategic Intelligence platform.
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Fintech
Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform
xMoney Global, the global, inter-bank and cross crypto/fiat integrated payments platform has appointed award-winning economist Dr. Greg Siourounis as Co-Founder and CEO. The company is a Mastercard principal member, with strategic European licenses, such as e-Money and VASP.
As the digital landscape continues to evolve with the coming MiCA regulation, xMoney Global intends to lead Europe into this new transformative EU regulated stablecoin era. Greg Siourounis will lead the integration of xMoney’s advanced blockchain-enabled payments infrastructure with its upcoming stablecoin program. Stablecoins are a key driver of blockchain adoption in today’s market, now surpassing Bitcoin, remittances, and PayPal in annual transaction volume. As such, xMoney’s Global reputation positions it to bridge Web3 innovation with traditional finance, leading Europe into a new transformative EU regulated stablecoin era.
Dr. Greg, who has played a pioneering role in the growth of Sui Foundation as its former Managing Director and who previously founded Everypay, will drive xMoney Global’s next wave of growth. Beyond the standard reference of his academic work in 2024’s Nobel Prize in Economics, Dr. Greg’s career is also decorated with awards such as the 2005 Young Economist Award from The European Economic Association and the 2008 Austin Robinson Prize from The Royal Economic Society. His immediate target will be to focus on partnerships, regulatory alignment and market expansion, as xMoney Global looks to build a comprehensive payments platform that bridges legacy financial systems with the potential of decentralized finance.
Commenting on his appointment, Dr. Greg Siourounis, CEO of xMoney Global, said, “As Europe prepares to embrace MiCA regulation, xMoney Global is positioned to redefine what compliant, secure, and seamless digital payments can be. Our goal is to deliver a solid and trusted ecosystem that combines the strengths of traditional finance with the flexibility of blockchain technology to create a future-ready payment experience.”
Beniamin Mincu, Co-founder of MultiversX, said, “xMoney Global’s mission aligns perfectly with the vision of MultiversX to bring scalable and secure blockchain solutions to mainstream finance. This appointment marks a significant step toward building a more inclusive and resilient financial system.”
The launch of xMoney Global aims to offer a next-gen blockchain-as-a-service module backed by its native stablecoin, with key white-labeled services including acquiring, issuing, onramps/offramps and a sticky loyalty program, all backed by MultiversX’s state-of-the-art sharding technology. Following the surge in crypto markets after Trump’s pro-crypto Presidential win, xMoney will be ideally placed to accelerate real-world adoption as the easiest way for everyone (consumers, retail and e-commerce) to seamlessly access fiat and crypto currencies in an app, card or payment gateway.
The post Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform appeared first on News, Events, Advertising Options.
The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.
Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet
Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.
This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.
Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.
Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital
Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.
Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.
Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.
India’s Yubi Plans a Fundraising Push
Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.
India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.
Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.
Provenir and Hastings Financial Services Win Global Recognition
Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.
Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.
Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.
Microf and Quantum Financial Technologies Forge New Alliances
Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.
This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.
Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.
Key Takeaways for the Fintech Ecosystem
- Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
- Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
- Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
- The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
- Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.
Looking Ahead: Challenges and Opportunities
The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.
This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.
The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.
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