Home / Sector / Technology Shares / Guess which ASX tech share just rocketed 75% on takeover news

Guess which ASX tech share just rocketed 75% on takeover news

What's with this technology company today?

Posted by
Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
Published
| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • This ASX tech share soared 75% today before slightly pulling back 
  • This technology company has entered into a scheme of arrangement 
  • The All Technology Index is in the red today 

The S&P/ASX All Technology Index (ASX: XTX) is down 0.81% today, but one ASX tech share is bucking the trend.

The IntelliHR Ltd (ASX: IHR) share price soared soared 75% in earlier trade to 11 cents before retreating slightly. The company's share price is now soaring 67% to 10.5 cents.

Let's take a look at why this ASX tech share is storming higher today.

Man pointing at a blue rising share price graph.

Image source: Getty Images

Potential takeover

Investors are buying up Intellihr shares today amid news of a potential takeover.

Intellihr has entered a Scheme Implementation Deed for Humanforce Holding Pty Ltd to takeover all of the company's shares. Humanforce is a subsidiary of funds advised by private equity company Accel-KKR.

Under the potential takeover, Intellihr shareholders would receive 11 cents per share. This represents a 75% premium on Monday's closing price of 6.3 cents.

However, with Intellihr shares now up 67% to 10.5 cents, this now represents just a 5% upside on the current share price at the time of writing.

Intellihr's board believes the offer "provides shareholders with certainty of value today" for the potential of the business. Commenting on the news, Intellihr chair and CEO Matt Donovan said:

The board believes the proposed all-cash offer represents attractive value
and provides an immediate opportunity for shareholders to realise certain value at a significant premium to the market.

Humanforce is a provider of workforce management and payroll solutions for deskless workforces. Customers include Flight Centre, Secure Parking, Accore and Delaware North. Commenting on today's news, Humanforce CEO Clayton Pyne added:

There is a compelling synergy between IHR and Humanforce, who share the vision of enabling businesses to drive automated compliance, cost optimisation and engagement by revolutionising the employee experience, through intelligent, employee-centred technology.

IntelliHr share price snapshot

The IntelliHr share price has descended nearly 38% in the last year.

This ASX tech share has a market capitalisation of about $36 million based on the current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Technology Shares

Woman with her fingers crossed and eyes shut.
Technology Shares

Xero, WiseTech shares jump higher today: Is this the beginning of a rebound?

| Samantha Menzies

It's been a bloodbath for ASX tech shares so far in 2026.

Read more »

Military engineer works on drone.
Technology Shares

EOS shares rebound after a surprise twist in its South Korean laser deal

| Aaron Teboneras

New US defence wins help EOS shares recover after early drop.

Read more »

Buy now written on a red key with a shopping trolley on an Apple keyboard.
Technology Shares

3 ASX tech stocks that belong in every long-term portfolio

| Marc Van Dinther

Brokers remain optimistic and see up to 130% upside.

Read more »

A man lays on a tennis court exhausted.
Technology Shares

Why are Catapult shares tumbling 13% on Monday?

| Marc Van Dinther

The trading update aimed at lifting annual contract value appears to have made investors wary.

Read more »

A man rests his chin in his hands, pondering what is the answer?
Technology Shares

What's going on with BrainChip shares today?

| James Mickleboro

The market doesn't appear sure about a deal announced today.

Read more »

busy trader on the phone in front of board depicting asx share price risers and fallers
Technology Shares

Got $5,000 to invest? Here are 2 ASX tech stocks to buy today

| Marc Van Dinther

Trading well below recent highs and backed by strong tailwinds, they deserve a closer look.

Read more »

Army man and woman on digital devices.
Technology Shares

What is Bell Potter saying about DroneShield and EOS shares this week?

| James Mickleboro

The broker has given its verdict on these two popular shares.

Read more »

A woman looks quizzical as she looks at a graph of the share market.
Technology Shares

Hub24 vs Netwealth: Which ASX tech stock is the better buy now?

| Marc Van Dinther

Both rivals are expanding, but one faster than the other.

Read more »