Truli Technologies Inc. announced Monday it has signed a letter of intent to acquire Recruiter.com Inc.
Truli Technologies, based in Jersey City, is a development stage technology company which specializes in tech hiring software through its wholly-owned subsidiary VocaWorks Inc.
Recruiter.com is a marketplace platform for professional hiring.
Upon the deal closing, Truli said it plans to change its corporate name to Recruiter.com and update its ticker symbol and corporate branding.
Recruiter.com will receive shares of a new series of Truli’s preferred stock, which will be convertible into 775 million shares of Truli common stock.
“Signing this understanding is another key step forward for Truli, as we continue to execute on our plan to grow our recruitment technology business,” said Miles Jennings, CEO of Truli. “Recruiter.com is a well-known recruitment brand with an exciting technology platform. We are excited by the prospect of joining together, and are confident that this transaction will help build sustainable, long-term shareholder value assuming it closes.”
It is expected that Jennings will continue as CEO of Truli if the merger is completed.
“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,” Michael Woloshin, CEO of Recruiter.com, said.
