- HR tech company IntelliHR (IHR) landed a $2.5 million investment from tech entrepreneur Bevan Slattery today
- The company will place 33.33 million shares to Bevan in two tranches
- The first tranche will be issued immediately, but the bulk of the investment will be subject to shareholder approval in September
- Along with the Bevan investment, IntelliHR has launched a one-for-five entitlement offer to raise an additional $3 million
- Bevan said human resources tech is becoming more and more important in light of COVID-19-induced working-from-home measures
- Shares in IntelliHR are currently trading over 150 per cent higher and worth 20 cents each
HR tech company IntelliHR (IHR) landed a $2.5 million investment from tech entrepreneur Bevan Slattery today.
Bevan will inject $2.5 million into IntelliHR and in return snap up 33.33 million shares in the company. The deal will be done in two tranches; the first batch of 2.73 million shares are to be issued immediately and the remaining 30.6 million subject to shareholder approval in September.
Bevan's word carries some major weight for junior tech stocks. In mid-July, the tech whiz took up a $2.5 million investment in 3D data specialist Pointerra (3DP) when its shares were worth five cents each. The company's share price immediately soared and today trade for 18 cents a pop.
IntelliHR's story is no different; shares in the company have almost tripled in value today and are currently trading at a two-year high of 20 cents each.
Bevan said he is excited by the opportunity presented to IntelliHR in light of work-at-home measures across the globe brought about by COVID-19.
"The workplace has suddenly shifted forever and as an investor in numerous companies, one of the key challenges we are facing now that we have moved to a totally distributed workforce is how do we improve the way in which we engage with and understand our teams around the world," Bevan explained.
"The importance of HR platforms designed to assist organisations in managing the engagement and effectiveness of a distributed workforce is not only become more relevant, but I believe will become a critical tool in managing the most important resource we have in every organisation — our people," he said.
Along with the $2.5 million investment from Bevan, IntelliHR has launched a $3 million one-for-five entitlement offer. Shares under the offer will be issued at 7.5 cents each. The offer is fully underwritten by the Slattery Family Trust and Colinton Capital Partners Fund I.
IntelliHR said the new cash will be used to fund its global expansion, support research and development, and provide general working capital.
Shares in IntelliHR are currently trading 167.12 per cent higher and worth 20 cents each.