HRnetGroup to acquire a majority stake in Octomate

The total consideration for the acquisition is $676,530.61.

HRnetGroup will acquire a majority stake of 51% in fintech startup Octomate for a consideration of $676,530.61.

Of the total stake the company will acquire, 49% will be satisfied by a cash payment of $650,000 to an independent seller.

The 2% stake will be acquired from the startup’s CEO and Co-Founder, Zoey Tong. 

“The consideration to be paid to Zoey will be announced when the sale and purchase agreement with Zoey is entered into,” the company said.

The acquisition marks the homecoming of Tong who was an intern at HRnet Group eight years ago.

“[She] will now return as the 37th Business Co-Owner of the group,” the company said in a bourse filing.

The acquisition also facilitates the integration of Octomate’s Instant Payment solution with HRnetGroup’s Ease Works app, which allows contractor employees to be paid instantaneously upon approval of their timesheets.