HR Manager merges with Webcruiter in a deal financed by Verdane Capital.

Norway Secondary 17 December 2018
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HR Manager and Webcruiter, two Oslo, Norway-based suppliers of cloud-based HR and recruitment systems announced their intentions of merging their operations in order to create a leading Nordic platform for talent recruitment and development.

Together, HR Manager and Webcruiter will form a company with Nordic growth ambitions, through both organic and add-on acquisitions, working to develop and broaden the available offering of cloud-based products and services for talent recruitment and development.

The deal is financed by Verdane Capital through its fund, Verdane Edda, which will be the majority owner of the fused entity. Expected revenue for HR Manager and Webcruiter stands at 55 ($6.3M) and 49 ($6M) million NOK, respectively, in 2018.

The parties have agreed not to disclose the terms of the transaction.

HR Manager, led by CEO Lars Christian Ringdal, has over 900 clients with users in more than 50 countries, and processes more than 3.5 million applications annually. The company’s integrated cloud-based platform for recruitment, employee introduction and talent development has established a strong market position in the Nordics.

Webcruiter, led by CEO Fredrik Mælum, offers a specialized system for talent agents and leaders on the hunt for professional recruitment solutions. With more than 400 clients with users in over 120 markets, Webcruiter’s recruitment system handles over 1.9 million applications annually. The firm holds a leading position in the Norwegian market, particularly in the public sector, and is an active player in the Swedish market.