TORONTO, ON / ACCESSWIRE / March 17, 2022 / HIRE Technologies Inc. (TSXV:HIRE.V)(OTCQB:HIRRF) ("HIRE" or the "Company"), a company focused on modernizing and digitizing human resources solutions, shares its views on the hot executive recruitment market.
With the Company's industry peers1 reporting organic growth of 26% for the year ended December 31, 2021, HIRE's leading executive recruiters provided insight into the permanent recruitment space, a segment which saw over 65% organic growth over the same period last year.
"We have seen record demand for our services, with a 28% year-over-year increase in on-occurrence permanent placement job orders2, and this should continue in the near-term," said Simon Dealy, Chief Executive Officer of HIRE. "Next month, we look forward to releasing our financial results for the year ended December 31, 2021."
HIRE's Managing Directors were previously independent owner-managers who partnered with HIRE to leverage economies of scale and expand their reach nationally and across business segments. HIRE's last two transactions in the space were with firms ranked on the Hunt Scanlon list of Top 60 Canadian Recruiters, cementing the Company's place as a leader in the Canadian market.
Cam Macmillan, Managing Director, The Headhunters:
"HIRE is in a position of tremendous opportunity. The tailwinds driving the incredible growth in our business include record fundraising activity and available capital in the private equity space and the effect of workers advocating the hybrid work style. Finding tough to find, top tier candidates is our specialty and the best private equity firms bet on talented management teams as much as they do financial management to deliver returns. We have the right team and strategy that will continue to drive our business for the foreseeable future."
Richard Joly, Managing Director, Leaders International:
"There is a real talent shortage. There were 870,000 vacant jobs in Canada in the fourth quarter of 2021. Furthermore, demographics are also driving turnover, with an expected 600,000 baby boomers set to leave the workforce by 2024. However, according to Statistics Canada, unemployment rates in Canada fell to 5.5% in February of 2022, lower than pre-COVID-19 levels (5.7% - February 2020) and nearly equivalent to record lows (5.4% - May 2019), indicating a robust labour market where opportunities abound."
Gavin Ryan, Managing Director, Taylor Ryan Executive Search Partners:
"We've never seen such a need for talent across all levels of experience, from executive to entry level. Employers are rapidly expanding their workforces while also experiencing unprecedented attrition. As a result of this combination, there is a huge demand for recruitment services. This demand is also driving salaries higher."
HIRE is always on the lookout for new business partners and portfolio companies. Dan Teguh, Chief Financial Officer, can be reached at [email protected] for further information.
HIRE Engages Plaza Capital for Promotional and Investor Relations Activities
HIRE entered into an agreement with Plaza Capital Advisors ("Plaza Capital"), a boutique merchant banking and advisory firm, on March 16, 2022 to support the Company's investor relations program, including its corporate communications program and other services as mutually agreed upon between the parties. The agreement with Plaza Capital is effective for a 12-month term and Plaza Capital is entitled to receive 350,000 stock options ("Advisor Options"). The Advisor Options vest quarterly in four equal installments over a period of 12 months and have an exercise price of $0.18 per share for a period of 30 months from the date of grant. Plazacorp Investments Limited, an affiliate of Plaza Capital, holds 333,333 shares and 166,667 warrants of the Company.
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 clients manage change in the workplace in order to achieve success. For more information, visit hire.company.
Contacts
Simon Dealy
Chief Executive Officer
(647) 264-9196
[email protected]
Caroline Sawamoto
Investor Relations
(647) 556-4498
[email protected]
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 news release.
Footnotes
- As disclosed by Randstad N.V., Adecco Group, Robert Half International Inc., Upwork Global Inc., ManpowerGroup, Kforce, Inc., TrueBlue, Inc., Resources Connection, Inc., and The Caldwell Partners International Inc.
- Percentage change in job orders for the month ended December 31, 2021, as compared to December 31, 2020 from the same entities in the prior period irrespective of the acquisition date by HIRE.
Forward Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
SOURCE: HIRE Technologies Inc.