Bangalore-based recruitment consultants, human resource outsourcing and staffing company, TeamLease Services, has signed a definitive agreement to acquire ASAP Info Systems Pvt Ltd. The details of the transaction remains undisclosed.
It is estimated that TeamLease will acquire ASAP Info Systems for an enterprise value of about $10 Mn (INR 67 Cr). The transaction, which will be immediately accretive to TeamLease’s earnings per share, will be financed with existing financial resources and is expected to close before the end of August 2016.
TeamLease was founded in 2002 by Manish Sabharwal and Ashok Reddy. It is a provider of human resource services and foremost people supply chain company with over 1000 full time employees. The company claims to have 99,090 associates across the country and have provided employment to approx. 1.12 Mn people till date.
Ashok Reddy, Managing Director & co-founder, TeamLease, said, “This transaction creates an opening balance for TeamLease to build an IT staffing business. The acquisition is also in sync with our strategy of margin expansion through new product verticals and new client segments”
Bangalore-based ASAP Info Systems offers IT staffing solutions to various MNCs and domestic companies with over 1,000 associates and 171 Cr employees till date.
With the acquisition of ASAP, TeamLease will continue building its capabilities and resources to create a formidable force in IT staffing.
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