Hire Technologies Inc. (TSXV: HIRE) today announced the acquisition of The Headhunters Recruitment Inc., a staffing firm based in Western Canada. The Headhunters provides a full range of staffing services.
“The ethos of our company is to invest in strong, smart leadership, and this is what we’re gaining with this new partnership,” Hire Technologies CEO Simon Dealy said.
The Headhunters leadership team will remain with the business, and The Headhunters brand will continue as well.
“We are very excited about our new strategic partnership with Hire Technologies,” said Cam Macmillan, co-founder and chief strategist at The Headhunters. “We anticipate greater opportunities for technological growth and geographic expansion, in particular, into Eastern Canada and the United States.”
Purchase price was four times The Headhunters’ EBITDA for the trailing 12 months, according to the announcement. Of that amount, C$400,000 was paid on closing (subject to working capital adjustment). The sellers agreed to pay certain amounts back to Hire Technologies within four years after closing if financial results do not meet specified levels.
Toronto-based Hire Technologies is working to create a network of staffing, IT and HR consulting companies. Its operating subsidiaries also include Provision IT Resources Ltd. and PTC Accounting and Finance Inc.