Sweden-based healthcare and education staffing firm NGS Group AB (NGS: SS) announced that it acquired Qsearch, a recruitment firm also based in Sweden.

Financial details were not disclosed.

Since 2006, Qsearch, which is headquartered in Stockholm, has recruited leaders and specialists in banking, finance and insurance.

The company had sales of SEK 8.9 million (EUR 0.88 million) during the most recent financial year ended 31 August 2020 with an operating profit of SEK 1.8 million (EUR 0.18 million).

Qsearch is owned by Stefan Otterbeck and Helena Pettersson and, post-transaction, Otterbeck and Pettersson will continue to be driving forces in the business and form the company's management.

Ingrid Nordlund, CEO of NGS Group said, “The acquisition is in line with our strategy to grow both organically and through acquisitions, and with Qsearch we strengthen our position and open up for both new services and markets.”

“Qsearch is active in socially important industries, which with are relatively independent of cyclical fluctuations [and] had a stable development even during the pandemic,” Nordlund continued. “With Qsearch's clear position in banking, finance and insurance, we follow our strategy of acquiring specialised operations. Qsearch's solid knowledge and industry experience adds new expertise to NGS and complements our existing operations both in human capital and insourcing. I am pleased that we are acquiring a company with such a good reputation in the market and where there are many common denominators with NGS, both in terms of working methods and attitudes.”

In a joint statement, Pettersson and Otterbeck said, “NGS Group has both the resources and experience to be involved and contribute to the expansion of Qsearch and we look forward to being part of a larger context. We will be able to further develop the business and look forward to being involved in developing NGS.”

"We are happy to merge with a partner who, just like us, operates on the basis of values ​​such as customer focus, quality, stability and long-term perspective. Together we will develop, refine and create new services to add value to our customers,” Otterbeck said.

NGS Group reported revenue for the third quarter ended 30 September 2020 of SEK 103.6 million (EUR 10.0 million, a decline of  16.8% from the year-ago quarter.