Takeover battle triples the price for Brisbane software company
Brisbane technology company intelliHR has tripled in value since January as rivals bid to takeover the $70 million company.
The sharemarket is moving steadily towards a 12-month high (file photo)
Bidding for the company started at 11 cents a share but the Access Group and Humanforce have consistently upped their offers in an attempt to snare the software company which sells a platform for human resources companies.
Humanforce holds 19.9 per cent of intelliHR and the Access Group revealed today that it holds 18 per cent.
But the Access Group said it would also offer “financial accommodation” to the company.
“We would be pleased to discuss the terms of such financial accommodation at your earliest convenience,” TAG said.
IntelliHR has had its own dramas in recent months as founder Rob Bromage was ousted in a strategic shakeup in favour of former Microsoft executive Matt Donovan.
Tech entrepreneur Bevan Slattery was an early investor in the company.
The London-based Access Group is a software payroll company that last year snapped up APS and Elite to create Access Accountants.
It also bought the reporting, forecasting and financial insights company Fathom.
IntelliHR shares reached 22 cents but fell back to 21 cents on Friday and were sitting just under that this morning.
