New York City-based MidOil USA is supporting the future global expansion plans for human resource management software company HemiPhon. HemiPhon has received a $US45 million financing commitment from MidOil USA and plans to open an office in NYC to further assist in the MidOil USA financing activities.
A new CEO will shortly be announced to lead the company’s expansion into North America.
“The MidOil USA finance agreement is the last plank in our expansion plans covering the next five years. Over the past 15 years, we have proven our software and delivery platform in Australia, successfully competing against other global HRM software companies,” said HemiPhon chairman Phil Jones, in a statement.
The human resource management software company has also agreed to contribute 300 million shares of HemiPhon stock and as per the agreement, MidOil USA will hypothecate the shares to generate cash infusions for HemiPhon’s global expansion and growth.
HemiPhon already receives significant revenues from its Australian business and expects MidOil USA's financing activities to supplement them for further expanded operations and acquisitions.
“We are impressed with the way in which E-tivity has successfully competed against the leaders in HRM software in Australia,” said MidOil USA's managing director Vincent Crandon. “We see no reason why HemiPhon’s product superiority should not prevail in the larger markets of North America and Europe, as well as the emerging Asian market, particularly countries like India.”
Human resource management software has a growing market and this industry is attracting many players from across the world. Recently, TAG Employer Services, an Administrative Services Organization (ASO) released cutting-edge human resource management software to streamline all employer-related functions.
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