Nordic recruitment SaaS company ReachMee has been acquired by Verdane Capital as part of their HR software buy-and-build platform
ReachMee is a cloud-based service that consists of a recruitment platform that supports HR and hiring managers throughout the entire recruitment process. It helps customers publish and advertise jobs across channels, customise and manage the selection process, and build their candidate database with one main goal in mind – always find the right person for the right position.
Developed by a team of passionate HR and IT professionals, the company’s Applicant Tracking System (ATS) caters to the needs of the recruitment ecosystem – flexible for HR teams, efficient for candidates, simple for recruiting managers, easy-to-use for all.
Based out of Stockholm, ReachMee has an industry-leading 97% customer loyalty and revenues growing by 25%+ annually. Moreover, since the successful decision to focus its efforts on developing a best of breed talent acquisition platform from scratch in 2014, its customer base has grown from 25,000 to 130,000 users.
As SaaS and HR software penetration increases, financial investors across countries have shown a strong will to consolidate product offerings and/or geographies within certain HR verticals, creating regional or European market leaders with scale before the market white space is gone and competition becomes too intense.
Since its acquisition of Norway-based HR Manager and Webcruiter in late 2018, leading private equity firm Verdane Capital has embarked on such a journey to create a leading HR technology platform in the Nordics. While the ambition is eventually to position the platform to grow abroad, ReachMee fits perfectly in the group’s strategy of continued development in the Nordic markets as it brings significant market share in Sweden as well as in Norway and Finland.
In the transaction, holding company HR Nordic acquires all the shares in ReachMee, including the shares of majority owner FH Kapital (backed by Swedish entrepreneurs David Frykman and Pål Hodann), which will reinvest and be part of the continued HR platform journey. Following the deal, the three companies now serve more than 2,000 customers and are expected to generate a combined turnover of around NOK 150 million this year.
“Stella EOC did a terrific job. They demonstrated commitment, integrity and a passion for getting the deal done. They also promised around-the-clock senior attention and fully delivered on that promise. Through hard work and resourcefulness, they helped us bring this deal to a close and delivered a positive result for ReachMee and its shareholders.”