Hire Technologies, a publicly traded recruitment company based in Canada, has agreed to sell subsidiary the Headhunters Recruitment Inc. back to the shareholders it purchased the company from in 2020. The latter group includes the Headhunters co-founder  (LinkedIn profile), the company’s managing director.

According to the Hire Group’s deal announcement, the transaction will result in “an estimated reduction to current liabilities of C$4.7 million [$3.4 million U.S.] in contingent consideration that was owed to the purchasers in connection with the Headhunters Share Purchase Agreement.”

Moreover, Hire Group “… has agreed to issue to the purchasers an unsecured three-year term 8% promissory note with an estimated principal amount of approximately $300,000, in partial satisfaction for the mutual release of claims under the Headhunters Share Purchase Agreement.”

Hire Technologies said it expects to record an undisclosed gain on the sale.

The buyers will get the Headhunters trademark and website domain and have assured continued employment for its workers.

Hire Technologies acquired the Headhunters in the early days of the pandemic in a bid to expand its executive search business to Western Canada.

Founded in 2017 and headquartered in Toronto, Hire Technologies is a workforce management and staffing company that seeks to “create a world-class portfolio of brands that will define the future of human resources through synergies, scale and reach.”

It posted revenue of $28 million in 2021, with a compound annual growth rate of 145% since 2017, according to a company fact sheet.

Publicly traded on the Toronto Stock Exchange since 2019, the company is home to a number of brands, including executive search firm Leaders International, workforce management platform Pulsify and recruitment technology vendor Kavin Group.

Headquartered in Vancouver, the Headhunters is not related to the Russian recruitment site Headhunter.ru.

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