IPDN - Professional Diversity acquires additional equity interest in RemoteMore

2023-03-27 09:35:36 ET

• Professional Diversity Network ( NASDAQ: IPDN ) has announced the acquisition of additional 20% of equity interest in RemoteMore USA, increasing PDN’s ownership position in RemoteMore to ~66% after the transaction.
• Recognizing the unstoppable trend of remote working and the surged demand of a curated workforce pool, PDN purchased ~46% of equity interest in RemoteMore back in September 2021.
• During the Q1 2022, RemoteMore booked ~$1.88M 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.
• “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.

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