Grade merges with Workbuster in a $19 million deal financed by Viking Ventures.

Grade, a Lund, Sweden-based compay provider of Talent Management, Learning Management and e-learning, was acquired by Viking Ventures.

The transaction is part of a larger deal whereas Viking also acquired Workbuster, another HR company from Sweden, and merges it with Grade.

Viking Venture will establish the new company HR Friend AS, which will own 100% of Workbuster and Grade through a total investment of NOK 167 million ($19M).

Grade was owned by the Swedish private equity house Monterro, which had acquired it in 2015.

Workbuster, founded in 2013 by Peter Spetz, develops talent acquisition solutions that are easy to use and help their customers attract and recruit the best candidates. The company is located in Stockholm and has more than 400 customers across four countries. Workbuster works with all sizes of companies from start-ups to established groups such as Nordic Choice Hotels, Fazer and Manpower Group.

Grade, founded in 2013 and led by CEO Rickard Kajson, is active within Learning and Talent Management by creating an environment to build engaged and competent employees. The company is located in Lund and Stockholm with over 680 000 users on the platform and attracts customers from mid and large sized private companies to public organizations.

The combined company will have approximately 80 SEK million in revenues.