Canadian Staffing Stock is Employing Technology and Actively Acquiring Companies

HIRE Technologies Inc. (TSXV:HIRE) has completed three acquisitions during the past two quarters with more planned for 2021

Capital Ideas Media | March 23, 2021 | SmallCapPower: COVID-19 may have changed the way we work, but skilled workers will always be needed to fuel economic growth.

(Originally published on Capital Ideas Media on February 9, 2021)

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HIRE Technologies Inc. (TSXV:HIRE) is a small ($40 million market cap) but rapidly-growing company that’s the only publicly-traded Canadian consolidator of staffing, IT, and HR consulting firms.

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HIRE is focused on digitizing and modernizing human resources, while making accretive acquisitions in the highly- fragmented staffing industry.

HIRE helps smaller staffing and IT firms compete with the larger industry players by providing these companies with the technology to digitize their businesses, including through the use of AI, to gain more market share.

The company’s vision is to become a global recruitment sector disruptor, as technology has become a key component of the ‘new normal’ workplace.

HIRE has already completed five acquisitions to date, three of which were done during Q3 and Q4, and plans to make additional acquisitions within Canada in 2021 as well as complete its first acquisition in the United States in the coming year.

Acquisitions also played a part in the Company’s 311% year-over-year surge in successful job placements in its fourth quarter, despite the pandemic-related slowdown in employment growth.

An example of the type of deals HIRE makes is its recently-completed acquisition of Taylor Ryan Executive Search Partners, a recruitment and human resource management company serving the real estate and construction sectors across Canada. Taylor Ryan generated $1.6 million in revenue and $1.0 million in EBITDA for the trailing 12 months ended November 30, 2020.

The acquisition involves mostly cash, with some stock, with the total purchase price to be based upon anticipated EBITDA of Taylor Ryan as at the two-year anniversary of closing. HIRE will also retain Taylor Ryan’s entire leadership team.

Finally, Company insiders have been actively purchasing HIRE stock on the open market in 2021, acquiring nearly 100,000 shares since the beginning of January.

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