Recruiter.com, a long standing national job site based in Connecticut is in negotiations to be acquired by a small publicly traded company, Truli Technologies, Inc. (OTC:TRLI), a development stage technology company specializing in tech hiring software.
At first glance it’s a bit confusing as there are 3 brand names involved in this deal. Recruiter.com, Truli and VocaWorks. Here’s what the press release says.
Truli Technologies, Inc. through its wholly-owned subsidiary VocaWorks, Inc. today announced that it has signed a letter of intent (the “LOI”) to acquire Recruiter.com, Inc. Recruiter.com, a leading marketplace platform for professional hiring, would be acquired by Truli in an all-stock deal. Upon completion of the proposed acquisition, the Company intends to change its corporate name to Recruiter.com and update its ticker symbol and corporate branding
In connection with the proposed acquisition, Truli received a letter of intent from an institutional investor, acting as lead investor, to provide the Company with $2.2 million of Units consisting of a new series of convertible preferred stock, convertible at $0.02 per share and 50% warrant coverage with 5-year warrants exercisable at $0.06 per share. While the non-binding Term Sheet for the financing is silent, it is the Company’s understanding that the existing preferred stock and the structure of the Company will be simplified going forward and certain toxic features eliminated.
Miles Jennings, who was once CEO of Recruiter.com left to start Truli a year ago. I reached him by email this morning to ask about the news.
“I’ve been CEO of Truli Technologies for almost a year now, and have been building VocaWorks, a tech contractor hiring and management platform. If this proposed merger happens, Truli would be renamed Recruiter.com, but it would still continue to develop and market Vocaworks as a brand. It’s the plan that I would be CEO of the merged company.”
Michael Woloshin, the current CEO of Recruiter.com, said, “We are pleased to take the next step forward with Truli. Greater access to capital, long-term investors, and strong management and leadership will help Recruiter.com unlock its potential as a leader in professional recruitment.”
The merger is subject to due diligence by Truli’s Special Committee, negotiation and execution of a definitive Merger Agreement, completion of the proposed financing, further approval by the Special Committee and other customary closing conditions.
Recruiter.com gets approximately 340k monthly visits according to stat company SimilarWeb. It’s also a fairly large content site for job search and recruiting advice. They claim to have 3 million job seekers in there database.
Jennings is excited about his newest venture VocaWorks which is a cloud based recruiting and management software that brings consulting talent and employers together. Via one-tap notifications, beautiful profiles, and full project tracking, VocaWorks aims to bring a new level of engagement and simplicity to the recruitment and onboarding of tech consultants for project-based hiring needs.