HireQuest, Inc. Announces Acquisition of Recruit Media, Inc.
04 Ottobre 2021 - 2:00PM
Business Wire
Acquisition Accelerates HireQuest’s Digital
Strategy; Provides Franchisees, Clients and Workforce with a Robust
Next-gen Technology Platform
HireQuest, Inc. (Nasdaq: HQI), a national franchisor of
on-demand, temporary, and commercial staffing services, today
announced that it has acquired Recruit Media, Inc., an HR tech
start-up with a next-gen SaaS recruitment platform. The transaction
was paid for with cash on hand and a modest revolver draw.
Recruit Media enables candidates to create rich multimedia
profiles to better differentiate themselves and convey their skills
to potential employers. It also streamlines communications with
text-based chat as well as in-app video chat. Recruit Media’s
technology is multi-platform with a web-based application, as well
as native iOS and Android apps, to provide candidates and employers
with the flexibility to use the platform in a way that best fits
their needs. HireQuest will integrate the Recruit Media platform
with its existing technology suite used by its franchisees to run
their day-to-day business. Recruit Media’s technology will
streamline workforce communications and allow franchisees to better
serve their customers. In addition, the public facing web domain,
www.Recruit.com, along with its respective iOS and Android apps,
gives HireQuest a fully functional online job ad and recruitment
platform that could become an additional business line, or
stand-alone company, in the future.
“The acquisition of Recruit Media brings us to the forefront of
staffing and recruiting technology and enables us to differentiate
our value in the eyes of our workforce and clients. Recruiting
qualified workers is a pain point for businesses across America.
This platform focuses on reducing this friction point, increasing
throughput to our franchisees,” commented Rick Hermanns,
HireQuest’s President and Chief Executive Officer. “Many of the
features and solutions of the Recruit Media platform have been on
our internal technology road map for a number of years. This
acquisition accelerates that road map, saving us years of
development, and provides a more robust base to build upon.
Technology increasingly influences all aspects of our business and
with the acquisition of Recruit Media we enable our franchisees,
employees, and clients to interact with one another more
efficiently. We’re very excited about the opportunities this
creates for our franchisees today and the opportunities it opens up
for us in the future.”
Recruit Media’s Co-founder and CEO Jeff Nussbaum shared that
“Recruit Media was founded on the basic principle of ‘I am more
than a resume,’ that the traditional resume alone does not empower
candidates to holistically represent and differentiate themselves.
We are thrilled that HireQuest will carry that torch forward,
expanding upon our shared vision, and are certain that its
franchisees, employees and clients will benefit greatly.” Recruit
Media’s Co-founder and CTO Ira Bell added, “Building the Recruit
Media platform has been an incredible journey. Innovations such as
advanced search algorithms, in-platform messaging, AI powered
content moderation, and web and mobile video tools, including the
patented teleprompter, will make wonderful additions to HireQuest’s
capabilities and offerings. We are honored to have Recruit Media
become part of the HireQuest family.”
About HireQuest
HireQuest, Inc. is a nationwide franchisor that provides
on-demand labor and commercial staffing solutions in the light
industrial, blue-collar, and commercial segments of the staffing
industry for HireQuest Direct, HireQuest, Snelling, and LINK
franchised offices across the United States. Through its national
network of over 210 franchisee-owned offices in more than 35 states
and the District of Columbia, HireQuest provides employment for
approximately 60,000 individuals annually that work for thousands
of customers in numerous industries including construction, light
industrial, manufacturing, hospitality, clerical, medical, travel,
and event services. For more information, visit
www.hirequest.com.
Important Cautions Regarding Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
including statements regarding the acquisition of Recruit Media and
the expected benefits from such transaction including streamlined
communications with franchisees, candidates, and customers, better
customer service, integration of Recruit Media’s technology with
HireQuest’s current technology suite, and the impact of the
potential impact of the foregoing on results of operations and
financial conditions of HireQuest. All statements other than
statements of historical facts contained herein, including the
statements identified in the preceding sentence and other
statements regarding our future financial position and results of
operations, liquidity, business strategy, and plans and objectives
of management for future operations, are forward-looking
statements. The words “expect,” “intend,” “anticipate,” “will,”
“believe,” “may,” “estimate,” “continue,” “should,” “plan,”
“could,” “target,” “potential,” “is likely,” and similar
expressions as they relate to the company or Recruit Media, are
intended to identify forward-looking statements. We have based
these forward-looking statements largely on management’s
expectations and projections regarding future events and financial
trends that we believe may affect our financial condition,
operating performance, business strategy, and financial needs.
These forward-looking statements involve a number of risks and
uncertainties.
Important factors that could cause actual results to differ
materially from these forward-looking statements include: the
possibility that the anticipated benefits of the acquisition will
not be realized or will not be realized within the expected time
period; the risk that Recruit Media’s business may not be
integrated successfully and disruption from the acquisition may
make it more difficult to maintain business and operational
relationships; and several other factors.
Further information on risks we face is detailed in our filings
with the Securities and Exchange Commission, including our Form
10-K for the fiscal year ended December 31, 2020, our quarterly
reports on Form 10-Q filed since that date, and will be contained
in our SEC filings in connection with this acquisition. Any
forward-looking statement made by us herein speaks only as of the
date on which it is made. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. The Company undertakes
no obligations to publicly update any forward-looking statements,
whether as a result of new information, future developments or
otherwise, except as may otherwise be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211004005202/en/
Company Contact: HireQuest, Inc. David Hartley, Director of
Corporate Development (800) 835-6755 Email:
cdhartley@hirequest.com
Investor Relations Contact: Hayden IR Brett Maas (646) 536-7331
Email: brett@haydenir.com
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