How a frenzied bidding war started for a broke HR software firm
On January 30, IntelliHR was a struggling microcap software firm burning through cash, but it suddenly found itself the subject of an international takeover battle.
On January 30, IntelliHR was a struggling ASX-listed software company with $6 million of half-yearly sales, less than $2 million in the bank, and a cash burn rate amounting to $4 million.
By the next day, it was embarking on an historic takeover journey, generating millions for its high-profile backers, with two huge global companies battling to acquire this $22 million microcap.
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Adir Shiffman is executive chairman of Catapult Sports and a serial investor and entrepreneur. Connect with Adir on Twitter.
