CHICAGO– Professional Diversity Network, Inc. (NASDAQ:IPDN), a developer and operator of online and in-person networks that provide access to networking, training, educational and employment opportunities for diverse individuals, announced the acquisition of additional 20% of equity interest in RemoteMore USA, Inc. an online platform specializing in remote-hiring of software developers, increasing PDN’s ownership position in RemoteMore to approximately 66% after the transaction.
Recognizing the unstoppable trend of remote working and the surged demand of a curated workforce pool, PDN purchased approximately 46% of equity interest in RemoteMore back in September 2021. Since that acquisition, RemoteMore has continuously grown its revenue and operations. During the first three quarters of 2022, RemoteMore booked approximately $1,882,000 of gross revenue, six times more than the same period in 2021, increased registered company users from 650 to 1,500, and pre-screened developers from 6,300 to 24,000+ coming from all around the world.
“We are exhilarated to see the success of RemoteMore since the initial acquisition, which echoed our interpretation of the market needs in the recruitment industry; by adding RemoteMore to our platform allows us to respond to the market timely and on a wider magnitude,” said Adam He, CEO of PDN, “the further investment in RemoteMore demonstrates our confidence in its steady growth and our determination to position PDN as the leader in diverse, specialized hiring.” Now with PDN’s approximate 66% ownership of RemoteMore, He expects further integration between RemoteMore and PDN’s core business.
Since 2021, RemoteMore has added several new features to its platform, such as a job dashboard that permits hiring employers to select on-demand developers according to their very specific requirements, and once signed on, an employer will connect with five qualified candidates hand-picked by the service team. Employers can now schedule interviews with candidates on the platform, and have the option to add Payroll as an a la carte service that allows contracting without establishing a local entity, making it a true one-stop shop for remote-hiring. “The financial injection from PDN enables us to optimize the platform and expand operations swiftly, and with PDN’s support on strategy and administration, it alleviates risks and challenges many start-ups like us face, allowing us to laser focus on growing the business,” said Boris Krastev, founder and CEO of RemoteMore.