Recruiter.com Group, Inc. acquired Technology Solutions Division Of Uncubed from Parrut, Inc. for $4.9 million.
July 11, 2021
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Recruiter.com Group, Inc. (NasdaqCM:RCRT) acquired Technology Solutions Division of Uncubed from Parrut, Inc. on July 7, 2021. The transaction was completed through an asset purchase agreement. Recruiter.com paid for the acquisition with restricted common stock, cash, and a promissory note. Chris Johnson, Chief Executive Officer of Uncubed, joins Recruiter.com as Senior Vice President of Marketplace.
Recruiter.com Group, Inc. (NasdaqCM:RCRT) completed the acquisition of Technology Solutions Division Of Uncubed from Parrut, Inc. for $4.9 million on July 7, 2021. Under the terms of agreement Recruiter.com Group, Inc. paid $0.5 million in cash, $1.75 million in promissory note and issued 0.257545 million shares for the remaining consideration. Recruiter.com Group, Inc. obligated to pay Parrut up to an additional $1.35 million in the form of Common Stock. The Earn-Out Consideration Parrut may be entitled to is equal to 1.35 times the revenue derived or generated by Recruiter.com Group, Inc. or any of its affiliates from Technology Solutions Division of Uncubed achieved during the twelve-month period immediately following the closing date.
Recruiter.com Group, Inc. is a holding company. The Company, through its subsidiaries, operates an On Demand recruiting platform. It offers recruiting software and services through an online, artificial intelligence (AI)-powered sourcing platform (the Platform) and a network of on-demand recruiters. Through the Companyâs Recruiting Solutions division, the Company also provides consulting, staffing, and full-time placement services to employers, leveraging its platform and rounding out its services. The Company provides other talent acquisition support services, including job posting, consulting, staffing, and full-time placement services. It offers a subscription to its Web-based platforms that help employers recruit talent. Its platforms allow its customers to source, contact, screen, and sort candidates using data science, advanced email campaigning tools, and predictive analytics. The Company also operates cloud-based software for professional hiring.