Viking Venture is building a state-of-art company within the HR software space. The new company is formed through the acquisitions of Swedish HR software companies Workbuster and Grade which provide platforms for talent acquisition, onboarding, training and talent management. The Nordic HR space is a fast growing, but fragmented market providing a great opportunity for Nordic expansion.
– We find the market for HR software very attractive. Our aim is to become the market leader through organic growth and consolidation. Workbuster and Grade are a perfect match to kick off an exciting growth journey. They deliver digital solutions to a space where this is becoming increasingly important, says Joar Welde, Partner at Viking Venture and Chairman of the board of the new company.
Workbuster’s mission is to build innovative and high-quality 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’s vision is to be the Nordic leader 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.
Workbuster and Grade have seen considerable growth in Sweden since 2013. The customer base has increased by around 40% since 2017. Both companies have a strong foothold in Sweden and are well positioned to expand throughout the Nordic region.
– Workbuster and Grade are two great companies with products that complement each other in a unique way. The combined solution gives customers a great way to attract, recruit, manage and develop their talents, says Peter Spetz, Founder of Workbuster.
– Grade and Workbuster are companies with strong offerings within different segments of the growing HR software space. Together we will provide greater value for our customers across the HR value chain, and it makes us a stronger and more competitive supplier in the Nordic region, Rickard Kajson, CEO of Grade continues.
– With Viking, we see a strategic partner who not only has solid knowledge and experience in building SaaS companies, but also has the financial power to realize our common vision and take us to the next level of our growth journey, says Andreas Wernqvist, co-founder of Workbuster.
– We believe Viking Venture and Grade share the same vision. For us, Viking’s experience and operational excellence in terms of building fast-growing and innovative software companies, combined with financial strength was important, says Rickard Kajson, CEO of 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. This provides necessary capital for further Nordic expansion through organic growth and acquisitions.
Workbuster, founded in 2008, offers an HR solution to strengthen employer branding, attract and engage the best candidates and improve the quality of the selection process as well as being the leading platform for private employment services in Sweden. The company is a modern SaaS supplier who provide their customers with a strong advantage in attracting and hiring the most talented people by simplifying the application process.
Grade, founded in 1995, is a Learning and Talent Management Platform. The “Company Formula” is Engagement x Competence = Results. The product portfolio includes functionality for onboarding, e-learning, instructor-led training, authoring tool, performance reviews, objective management, competence management and pulse surveys.