SYDNEY, AUSTRALIA: Humanforce Holdings will acquire all of the issued shares in intelliHR Limited (ASX: IHR) for $0.11 cash per share by way of a recommended Scheme of Arrangement. The scheme consideration implies a fully diluted equity value of approximately $38.6 million for intelliHR Limited.
Humanforce Holdings is a majority owned subsidiary of funds advised by Accel-KKR, a leading software investment firm.
intelliHR Limited Chair & CEO Matt Donovan commented, “The Board believes the proposed all-cash offer represents attractive value and provides an immediate opportunity for shareholders to realise certain value at a significant premium to the market.
“IHR has achieved considerable success to date in Australia and early traction in international markets and while, in the long-term, there remains potential future growth trajectory, this has to be balanced with the business and market risks and continuing cash burn in this phase of the company’s evolution that IHR shareholders face remaining as a publicly listed independent company”.
Humanforce Chief Executive Officer, Clayton Pyne commented, “There is a compelling synergy between IHR and Humanforce, who share the vision of enabling businesses to drive automated compliance, cost optimisation and engagement by revolutionising the employee experience, through intelligent, employee-centred technology. Through this acquisition, Humanforce will be even better positioned to deliver on its mission to make work easier and life better for deskless workforces.
Humanforce will build on its best-of-breed, integrated workforce management and payroll solution to deliver a full HCM suite with the addition of employee engagement, performance, learning and retention, underpinned by a rich, deep layer of AI-powered workforce analytics, and a single system of record Core HR.
This rich all-in-one HCM offering will unlock new and exciting opportunities for Humanforce and IHR customers alike as they gain access to an unparalleled combination of tools and data, enabling intelligent data-driven decision making, from employee engagement, culture, wellbeing, and performance, to risk and compliance.”
Accel-KKR Managing Director, Joe Porten commented, “Humanforce continues to accelerate its growth by deliberately seeking complementary, world-class people management solutions that together, have the power to transform the employee experience and better meet the needs of deskless workforces. Building on the depth and breadth of Humanforce’s platform will continue to enhance its value to customers through differentiated, tightly integrated and highly configurable capabilities.”