Hiremii's recruitment business gains $2m in Octet growth support - TechInvest Magazine Online

Hiremii Limited’s (ASX:HMI) recruitment and labour hire business Inverse Group has entered into agreements with Octet Finance for a financing facility totalling $2 million.

I’m delighted to announce our partnership with Octet, a global specialist in business finance for our industry,” managing director and CEO, Andrew Hornby, said.

“We continue to experience strong growth through our preferred relationships with clients in the energy, resources and sustainability sectors and the Facility will provide Inverse Group with beneficial working capital leverage to drive this continued growth performance.

“The Facility will help us meet the strong demand from those clients in the energy, resources and sustainability sectors who are looking to access a skilled specialist contractor workforce. With the Inverse Group operating profitability and this new facility in place, Hiremii can focus its available cash on investment in the growth of its AI driven technology platform going forward.”

Overview of the facilities

• A revolving facility of up to $2 million for a minimum period of 15 months secured against accounts receivable together with a general security provided by group companies as guarantors, limited to the value of the Facility.

• Interest payable under the Facility is calculated on a variable interest rate basis on the
• amounts drawn down, in addition to a fixed facility fee.

• The facility is subject to terms and conditions that are customary for facilities of this

nature. These include customary negative undertakings to be observed by Inverse Group including a prohibition on Inverse Group granting any further security over property subject to a security agreement in favour of Octet.

Hiremii is a technology-driven full-service recruitment company with two core business components; Hiremii Technology, a cloud-based platform which uses machine learning and artificial intelligence to automate and improve recruitment and onboarding processes, pre-vetting and shortlisting candidates based on employers’ specific requirements, and Inverse Group, a growing recruitment business that provides specialist white collar recruitment services to the energy, resources and technology sectors.