Recruitment firm Job Solution Sweden announced today that it has entered into an agreement with the owners of Avastar AB concerning the acquisition of 100% of the company’s shares. Avastar is a Swedish company that offers accounting services.

The agreement is for a preliminary purchase price on a cash and debt-free basis of SEK 3.7 million (€0.31 million) to be paid through a combination of cash and shares. The deal is expected to take effect from 1 September 2023.

Avastar, founded in 2011, is expected to contribute a turnover of SEK 5.5 million (€0.47 million) a year and SEK 0.8 million (€0.07 million) in operating profit. Avastar will replace the existing supplier to the group and its subsidiaries who currently provide accounting services.

Job Solution also announced that their current CFO will be replaced and Avastar's CEO, Jessica Ahlung, will take over as CFO for Job Solution Sweden. With this, the group is estimated to save costs for accounting services of up to SEK 1.2 million (€0.1 million) a year.

Viktor Rönn, CEO of Job Solution, said, "It feels great to bring Avastar into the group. It is a prosperous company with its seat in Gothenburg (in Sweden).”

“From the outside, you might be surprised that we are acquiring an accounting company, but for us it is natural,” Rönn said. “With Avastar, we will be able to save at least SEK 1.2 million a year just by not having to use external suppliers for the group's accounting or CFO services. For us, this is necessary as we will continue to acquire and start more companies in the coming years, and it would have become even more expensive with external suppliers over time.”

“We will also have a support function in the group that will be able to drive revenue through its daily operations, which is a big plus,” Rönn said. “Avastar's CEO, Jessica Ahlung, will also become the group's CFO upon joining and will be involved in developing the group, which we are very much looking forward to."

Ahlung said, "I feel privileged to join the Job Solution group as CFO. To be part of this journey will be extremely exciting, to develop and build something good together with Job Solution. We must ensure that the company has a healthy and good economy for development and growth.”

Job Solution Sweden has been on an acquisition spree since it was approved for listing on the Nasdaq First North Growth Market in May 2022.

In May 2023 the group announced that it received regulatory approval for the acquisition of Oplana AB, also based in Sweden. In November 2022, the group announced that it had entered into an agreement to acquire Chefspoolen in Sweden. In August 2022, it entered into an agreement with Qu3st Holding AB regarding the acquisition of 100% of the shares in Quest Consulting Sverige AB.