Israeli HR Firm Pilat Targets 2027 Canadian TSXV Listing via RTO
Israeli human capital firm Pilat is planning a reverse takeover on the Canadian TSX Venture Exchange in 2027, aiming to raise 6 million Canadian dollars at a 42 million valuation.
The Israeli human capital and recruitment group Pilat is preparing for a public listing on the Canadian TSX Venture Exchange (TSXV) through a reverse takeover (RTO) planned for the first half of 2027. As part of the move, the company intends to raise approximately 6 million Canadian dollars at a pre-money valuation of about 42 million Canadian dollars. According to the examined transaction structure, the post-money valuation is expected to reach approximately 52 million Canadian dollars, including additional transaction components.
The process is being accompanied by the Israeli investment bank Exiteam Capital Partners, which specializes in guiding Israeli technology companies to the Canadian capital market. Unlike many technology companies that enter the capital market in early development stages, Pilat relies on long-standing, profitable business operations alongside rapidly growing tech activities. According to company data, existing operations recorded revenues of about 6.3 million dollars and an EBITDA of about 1.25 million dollars in 2025, reflecting an EBITDA margin of roughly 20%.
Simultaneously, the technological activity, developed in partnership with iVerse, recorded revenues of about 360,000 dollars in 2025, marking a 390% growth compared to the previous year. The number of users and candidates on the platform multiplied by more than five, with tens of thousands of candidates already undergoing evaluation processes through it.
52 Years of Diagnostics and Two Million Candidates Turned into AI Infrastructure
At the center of the move is EVA, an artificial intelligence-based system developed by the company that enables candidate assessment using AI. Unlike systems that merely produce a score or a ranking, EVA generates a reasoned diagnostic opinion in professional language alongside the score, similar to the process conducted by an occupational psychologist. According to the company, a validation test comparing the system's results to evaluations by a senior occupational psychologist found a high correlation of 0.89.
The technology is based on two core assets developed by Pilat over its 52 years of operation: a knowledge base and diagnostic data accumulated from evaluating more than two million candidates, and professional diagnostic models developed and validated over decades. Within the system's development, knowledge, data, and models were translated into mathematical representations allowing AI systems to perform professional evaluations, analyze capabilities, and generate reasoned conclusions.
From Bank Mizrahi to the IDF: Technology Operating in Major Organizations
The EVA system is already in use by major organizations in Israel, including Bank Mizrahi, the Israel Electric Corporation, Israel Post, and the IDF. According to the company, a case study conducted with one of its clients involving 914 candidates over five months showed a clear link between match scores produced by the system and actual hiring decisions. 89% of hired candidates received a match score of 3.7 or higher, and no candidates with scores below 3.2 were hired.
Target: North America and the Human Capital Intelligence Market
The planned listing in Canada is part of a broader strategic move in which Pilat seeks to expand its technological activity into international markets, with an emphasis on North America. The company plans to extend the use of the technology beyond recruitment, applying it also to evaluating existing employees, identifying management potential, matching changing roles, developing executives, and assessing employee readiness for an AI-driven work environment.
This strategy is designed to position Pilat AI as a Human Capital Intelligence company, providing organizations with infrastructure for human capital decision-making throughout the employee lifecycle, rather than just at the hiring stage. Pilat estimates that this trend will increase demand for AI-based diagnostic and human capability assessment solutions.
