Finnish HR services firm VMP Plc announced that it has acquired Helsinki-based staffing and recruitment services firm Henkilöstövoimalo Voima (Personnel Work Force).

VMP said it will strengthen its position in the Finnish Personnel Services Market with the acquisition. 

In addition to staffing and recruitment services, Voima, founded in 2011, also offers direct search, personnel suitability assessment services, development and education and comprehensive customer business development.

VMP stated that it will finance the acquisition with its cash resources. The fixed debt sale price is approximately €3 million, plus an additional purchase price of up to €2 million, which is determined by EBITDA on the basis of Voima’s financial statements for 2018. The merger arrangement will have no impact on the financial outlook of VMP Plc in 2018.

According to VMP, the acquisition supports the group's objective of being a leading player in the human resources sector, consolidating the market and developing its service portfolio.

"The human resources sector is undergoing a great deal of change as the working methods change constantly,” VMP President and CEO Juha Pesola, said. “We want to strengthen our competitiveness and our innovative capacity by consolidating the market. I'm excited to have such a force, a dynamic and modern operator to strengthen our service portfolio.”

Hannele Könnömäki, Managing Director of Voima, also commented, “Like VMP, we see the changes brought by digitalisation and globalisation as a great opportunity. We also look forward to the opportunities offered by the acquisition. We see change as a driver. We want to continually develop our skills so that we can meet the growing diversity of recruitment challenges. Joining VMP's long and successful success history is a great opportunity for us to launch new personnel solutions.”

Earlier this month, VMP Plc reported turnover of €31.1 million for the third quarter ended 30 September 2018, an increase of 12.3% compared to the same period last year.