Leading staffing company TeamLease
services Ltd has acquired Bengaluru based ASAP Info Systems Pvt. Ltd for Rs. 67
crore. The company said the acquisition will help it expand its footprint in
the core IT hiring space. ASAP Info Systems has over 1000 associates and 171
core employees.
This transaction creates an opening
balance for TeamLease to build an IT staffing business. The acquisition is also
in sync with strategy of margin expansion through new product verticals and new
client segments. The transaction will be done through TeamLease wholly owned
subsidiary, TeamLease staffing Services Private Limited. The transaction will
be immediately accretive to TeamLease earnings per share.
TeamLease core business is to
provide temporary staffing solutions for companies across sectors. Its clients
include Microsoft India, LG Electronics, ICICI Lombard, Bata India and Larsen
& Toubro. TeamLease was also the first temporary staffing solutions firm to
get listed on the Indian bourses, earlier this year. TeamLease has for long
serviced IT Companies for non-IT staffing positions, but now expects ASAP Info
Systems to help continue expansion in the space after merging its current
offices.
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