 "TeamLease to acquire Nichepro Technologies")
TeamLease Services on Tuesday announced the signing of a agreement to acquire information technology (IT) staffing solutions company NichePro Technologies. The transaction remains subject to customary closing conditions and regulatory approvals.
The company said that it will acquire NichePro for an enterprise value up to Rs 29.5 crore through its wholly owned subsidiary, TeamLease Staffing Services. 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 October 2016.
Ashok Reddy, managing director & co-founder, TeamLease Services said, "This acquisition helps us to tap into the niche IT staffing for product companies and complements our recent acquisition of ASAP Info Systems which caters to IT services companies. The use of staffing by IT Companies is increasing rapidly as they accelerate their productivity focus and look to variablize costs."
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