Ann: Board Committee Recommends Humanforce 24 cent offer, page-4

What a ride it has been. With the initial 11 cents offer I said it was very much undervaluing the potential of IntelliHR. The latest offer of 24 cents is much more reasonable and values IntelliGR at approx $85 million or 10 times ARR. However, I'm not definitely selling yet. In January 2021 IntelliHR peaked at 50 cents per share on $2.9 million of ARR. I estimate the valuation was approximately 40 times ARR then.

I realise that was a different time when interest rates were low and tech stocks in favour. However, I believe those times will come again. The offer by Humanforce is somewhat opportunistic given the current low cash IntelliHR has. I'll consider the 24 cent offer and may not sell as I'm confident in the future of the business.