Personec, Manpower, Payroll, Outsourcing, BPO, Sweden
Personec to acquire Manpower's payroll service operations in Sweden
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Personec's acquisition of Manpower Business Solutions Service Center AB means that Personec Group, which is owned by TietoEnator and Nordic Capital, takes over payroll administration, time and cost management and other HR administration for a number of clients including some of the largest companies in the Nordic region. The acquisition concerns 178 employees in Stockholm, Link?g, Sandviken and Ludvika. Personec
estimates the company's net sales in 2005 to be approximately 13 million euro.
The cooperation provides Manpower's clients with access to more extensive competence and a wider range of products associated with HR. The acquisition will clearly make Personec the leading provider of HR outsourcing in the Nordic region. Ownership will be transferred during the first quarter of 2006 subject to approval by the competition
authorities.
Personec is already the leading provider of HR and payroll systems in the Nordic region. Approximately 29% of all employees in the Nordic region have their wages and salaries administered by the company's system solutions. The acquisition of Manpower Business Solutions Service Center is a part of Personec's strategy of strong growth in the Nordic region, particularly in HR outsourcing. The acquisition will increase the volume of Nordic HR outsourcing operations by approximately 50%, making Personec the leading provider in the region.
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