Swedish staffing firm Wise Group AB has entered into an agreement to transfer its stake in Instacruit, a Norwegian company that has created an app-based solution for mobile recruitment, to Instacruit’s founder and CEO Niklas Lerner. 

The transfer means that the operating profit for the fourth quarter will be impacted by a non-cash impairment charge of SEK 2.4 million (EUR 0.2 million).

"Wise Group acquired shares in Instacruit in the fall of 2015 corresponding to an ownership of 25%. We now choose to sell these shares when the experience we availed ourselves since then indicate that the company did not fit in with the strategy we have laid for how we want to develop our services in the future," Roland Gustavsson, CEO Wise Group AB, said.