Silicon Valley based human resources startup 1-Page is doing a reverse takeover of ASX listed InterMet Resources.
It’s the latest startup to firm up a back door listing on the ASX through a mining shell or exploration company. There’s more on the trend here.
Junior explorer InterMet Resources, which holds a number of tenements in Western Australia and Queensland, today exercised its option to acquire the startup.
KTM Capital, the company that ran point on Australian tech startup Freelancer’s IPO last year, and Foster Stockbroking have been named joint lead managers of the prospectus which is looking to raise between $5 million and $7 million.
1-Page founder Joanna Weidenmiller told Business Insider the startup was looking to list on the ASX because it enables the company to provide “transparency and security to clients”.
She said the Sydney time zone also integrates well with Asia and listing on the ASX means Weidenmiller can maintain control of the company’s direction and won’t have to “hand off too much control to venture capitalists”.
Down the track 1-Page will look at a dual listing.
“Our intention is to go onto the NASDAQ,” she said.
“The NASDAQ looks at the ASX as a strong springboard,” she said, adding if the company moves to be dual listed in the future the NASDAQ’s market cap requirements will be less.
The idea behind 1-Page is simplifying the recruitment process for companies which receive hundreds of applications for a single position. It does this by turning the job application process into a game.
“We put out a challenge and candidates compete to win the job,” Weidenmiller said.
Challenges are based around specific skill sets the position requires, so rather then looking at what someone has done in the past it considers what they’re capable of.
“It allows candidates to pitch capability without bias,” Weidenmiller said.
A job challenge could include asking candidates to show how they would grow the company’s market share or demonstrate how they would boost social interaction.
The software then ranks and prioritises candidates for the hiring manager.
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