Swedish staffing firm Wise Group (WISE: SS) announced that it plans to divest Comaea as part of the restructuring of its subsidiary Edge HR AB.

Wise Group said it expects total proceeds from divestment to be at most SEK 17 million (€1.5 million).

Wise Group first acquired Comaea's Swedish operations in September 2015. The acquisition includes all customer and cooperation agreements in Sweden. 

Comaea develops and markets talent management systems that help companies, authorities and organisations identify employees' skills and, as a starting point, plan their work. 

“Wise Group has entered into an agreement with Comaea to divest customer and collaboration agreements and the exclusive license to sell and develop the Comaea CMS (content management software) software through a transfer agreement. The transaction is conditional on certain conditions being met,” Wise Group stated. “The Wise Group Board now intends to divest the Comaea business area as a step in the previously communicated restructuring of the subsidiary Edge HR AB.”

The expected divestment of Comaea is a cash transaction and the sales proceeds amount to at least SEK 8.5 million (€0.7 million), with a possible additional liquidity based on Comaea's sales development during 2020 - 2023. The total sales proceeds may reach a maximum of SEK 17.0 million (€1.5 million).

The sale is conditional upon customary MBL (Co-determination in the Workplace Act) negotiations being completed satisfactorily. Wise Group said that entry will be made after these conditions are met.