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TeamLease to buy Evolve Technologies for telecom sector hiring

After the acquisition, Evolve will continue to operate as a separate and independent entity post with the same team

BS Reporter  |  Bengaluru 

Telecom, Towers, Mobile, Trai, IUC

Staffing agency said it would acquire 100 stake in and Services Pvt Ltd to make an inroad into hiring.

"The transaction, which will be immediately accretive to TeamLease's earnings per share, will be financed through existing financial resources," said the company in a filing to the National Stock Exchange.

After the acquisition, Evolve will continue to operate as a separate and independent entity post with the same team. The transaction is expected to close by the end of November.

"The acquisition of Evolve is in line with our long-term strategy of expanding our footprint into specialized areas of staffing. We are excited to be associated with Evolve at a point when the IT infrastructure to support the rapidly expanding telecom user base in the country is undergoing a massive change. and Evolve would jointly address the needs of our dynamic telecom market and clients as technology trends like 4G, 5G, etc," said Ashok Reddy, Managing Director,  

First Published: Mon, October 16 2017. 21:46 IST