Accel-KKR LLC agreed to acquire intelliHR Limited (ASX:IHR) from COLINTON CAPITAL PARTNERS FUND I (A) PTY LTD managed by Colinton Capital Partners Pty Ltd and others for AUD 85.7 million on January 30, 2023. The offer price is AUD 0.11 cash per share. As of March 13, 2023, the offer price has been extended to AUD 0.165 cash per share. The deal is subject to approval from court, regulatory body, intelliHR board and shareholders. The transaction has been approved by intelliHR board unanimously. As of February 23, 2023, the transaction has been approved by the FIRB. As of March 3, 2023, a competing bid of AUD 0.0.14 was announced by the Access Group. The TAG group was increased to AUD 0.2 on March 17, 2023, and later increased to AUD 0.22 on March 27, 2023. As of March 28, 2023, the TAG group bid has been deemed superior and has been accepted by the board. As of March 28, 2023, the board of IntelliHR has withdrawn the approval response of the Humanforce bid and has recommended the shareholders to take no action. As of April 3, 2023 Accel-KKR LLC has increased the bid price to AUD 0.24 per share. As of April 5, 2023 Accel-KKR LLC has acquired 52.6% stake in intelliHR Limited. The deal is expected to close in late April 2023 to mid May 2023. As of April 28, Humanforce has acquired interests in 92.8% of intelliHR shares and will commence compulsory acquisition on
May 1, 2023. As of April 11, 2023, David Pullini, Joseph Porten and Clayton Pyne have been appointed to the Board of IHR, effective immediately and Belle Lajoie has resigned as a Director of IHR. Colin Biggers & Paisley Pty Ltd acted as legal advisor to intelliHR and Johnson Winter & Slattery acted as legal advisor to Accel-KKR LLC. Moelis Australia Securities Pty Ltd. acted as financial advisor to Accel-KKR LLC.

Accel-KKR LLC completed the acquisition of intelliHR Limited (ASX:IHR) from COLINTON CAPITAL PARTNERS FUND I (A) PTY LTD managed by Colinton Capital Partners Pty Ltd and others on May 1, 2023. The securities of intelliHR Limited (‘IHR’) will be suspended from quotation at the close of trading on Monday, 8 May, 2023. intelliHR will be delisted from ASX with effect from close of trading on Thursday, 11 May 2023.