Swedish staffing firm, Wise Group, has entered into an agreement to acquire all the shares in Bright Relation AB.

Bright develops and markets customer relations solutions and employee surveys. Turnover for Bright in 2016 amounted to SEK 39.5 million (€4.0 million).

Wise’s acquisition of Bright is a cash transaction and the purchase price amounts to SEK 38.8 million (€3.9 million) which is financed through its own cash and cash equivalents of SEK 18.8 million (€1.9 million) and an acquisition loan of SEK 20 million (€2.0 million). The acquisition includes a net cash position of approximately SEK 6 million (€0.6 million).

Bright will be consolidated in Wise accounts from June.

“The acquisition strengthens our Digital HR services segment,” Roland Gustavsson, CEO of Wise Group AB, said. “Brights solutions are timely and in line with what our customers want. With the acquisition we create the strongest player in the field to measure and evaluate the relationship between the dedicated employees and loyal customers, leading to increased sales and profitability. Brights license-based business model also contribute to revenues that are less cyclical than usual consulting services.”

“Through the transaction, Bright will have the opportunity to enhance our offering to existing customers and also attract new customers. Our excellence in customer relations combined with the Wise Group's know-how, is a perfect match for future,”  Magnus Palm, CEO of Bright Relation AB, said.