SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENT

On October 29, 2021, the Company entered into a membership interest purchase agreement (the “MIPA”) by and among the Company, Hudson Global Resources Management, Inc., a wholly owned subsidiary of the Company (“HGRM”), and Daniel Williams (“Williams”), and completed the acquisition by HGRM of all of the membership interests of Karani, LLC (“Karani”), a Delaware limited liability company (the “Karani Acquisition”).

Karani partners with recruitment and staffing firms to assist with recruiting, sourcing, screening, onboarding, and other talent-related services across a variety of industries to customers primarily located in the United States. Karani has approximately 500 employees in India and 100 employees in the Philippines.

As outlined in the MIPA, Williams received (i) six million dollars ($6,000,000) in cash subject to certain adjustments set forth in the MIPA at the closing of the Karani Acquisition; and (ii) a promissory note in the aggregate principal amount of two million dollars ($2,000,000), payable in installments on the six-month and eighteen-month anniversaries of the closing date subject to the satisfaction of certain conditions as further described in the MIPA. There are no employment stipulations for Williams associated with the MIPA.