Recruiter.com Group Inc (OTCQB:RCRT) shares flew on Tuesday after the hiring platform announced plans to acquire OneWire, a leading Software-as-a-Service (SaaS) program geared towards the financial services sector.
The all-stock deal includes the OneWire SaaS platform, Matchbook software and OneWire’s executive search business, as well as an expansive financial services database that boasts over 700,000 candidates.
OneWire’s CEO Eric Stuzke will also join Recruiter.com’s executive team in an as yet unnamed role. Stutzke’s long history in the industry includes a previous role at Monster Worldwide, where he handled external financial reporting and investor relations.
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Shares of Recruiter.com closed 28.5% higher on Tuesday at $2.30.
The deal will add to Recruiter.com’s more than 410,000-member network and immediately expand the reach of OneWire's SaaS platform for financial industry hiring. The companies plan to integrate their assets to deliver unified, subscription-based human capital solutions, from junior and intern-level personnel to management and executive-level talent, according to a release.
"Recruiter.com's mission is to become the most collaborative and connective platform for hiring talent," said Evan Sohn, CEO of Recruiter.com in a statement.
"Recruiter.com's acquisition of OneWire adds an innovative, subscription-based talent-matching platform; an incredible array of financial, banking, and accounting clients; and a community of industry professionals. We are extremely excited to combine our companies and look forward to driving tremendous growth together in 2021."
Stutzke told investors that OneWire was “excited” to join forces with the Houston-based company.
“OneWire will be in an excellent position to leverage the reach and distribution of the Recruiter.com platform, driving significant leads and incremental revenue across our product and service offerings,” Stutzke said. “Our customers will continue to receive incredible client service and can further capitalize on video screening and AI-enabled sourcing software via Recruiter.com.”
The two companies expect to sign a definitive purchase agreement by the end of January 2021, subject to due diligence.