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Sweden – NetJobs acquires niche recruiter, appoints new CEO

28 May 2013

Sweden-based job board NetJobs Group AB (NJOB:STO) has signed an agreement to acquire Hotell & Restaurang Bemanning, a local staffing firm specialising in the hospitality sector. The firm was founded last year and is making monthly revenue of around €58,000 (SEK 0.5 million).

The acquisition is still subject to approval and is part of NetJobs’s growth strategy to expand into different sectors by buying up niche recruiters. The acquired company will continue to operate as an independent unit under the existing brand and leadership of co-founder Wilhelm Norén.

“The acquisition opens up growth opportunities,” said Henrik Kvick, Chairman of NetJobs Group. He said the firm will look further into acquiring niche recruiters in the future. This comes after the firm last year acquired international career website TechJobs.com.

In a separate announcement this week, the firm said it appointed Niklas Eriksson as new CEO who will replace Hristos Kitsos with immediate effect. Mr Eriksson is one of the founders of Hotell & Restaurang Bemanning. Mr Kitsos had been CEO of NetJobs since 2012. 

Earlier this month, NetJobs reported weaker sales than expected in the first quarter of the year as revenue fell -11% to €1.3 million (SEK 10.9 million). Sales dropped in Sweden, Norway and Finland while Germany posted strong growth figures.

Founded in 2004, NetJobs runs 40 specialised career websites in Europe. The firm registers 80,000 unique visitors to its websites every week and has had over 19,000 customers since its inception. NetJobs has a market value of €5.1 million (SEK 44 million).

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