TeamLease Services gains on plans to acquire Nichepro Technologies
The stock was up 6% to Rs 1,167 after the company said that it will acquire Nichepro Technologies for an enterprise value of up to Rs 29.5 crore.
 "TeamLease Services gains on plans to acquire Nichepro Technologies")
TeamLease Services was trading higher by 6% to Rs 1,167 on the BSE after the company announced that it will acquire Nichepro Technologies for an enterprise value of up to Rs 29.5 crore.
“The company has signed a definitive agreement to acquire Nichepro Technologies through its wholly owned subsidiary, TeamLease Staffing Services Private Limited, subject to customary closing conditions and regulatory approvals,” TeamLease Services said in a BSE filing.
Bangalore-headquartered Nichepro Technologies had revenue of around Rs 26 crore from staffing services with an EBITDA (earnings before interest, taxes, depreciation and amortization) of around Rs 6.8 crore in 2015-16.
"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," a company release said.
Nichepro offers IT staffing solutions to various IT product companies with over 150 associates and 30 core employees as of date. Nichepro is a Tier 1 staffing provider to reputed MNC’S and niche product companies.
Till 11:04 am, a combined 20,679 shares changed hands on the counter on the BSE and NSE.
“The company has signed a definitive agreement to acquire Nichepro Technologies through its wholly owned subsidiary, TeamLease Staffing Services Private Limited, subject to customary closing conditions and regulatory approvals,” TeamLease Services said in a BSE filing.
Bangalore-headquartered Nichepro Technologies had revenue of around Rs 26 crore from staffing services with an EBITDA (earnings before interest, taxes, depreciation and amortization) of around Rs 6.8 crore in 2015-16.
"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," a company release said.
Nichepro offers IT staffing solutions to various IT product companies with over 150 associates and 30 core employees as of date. Nichepro is a Tier 1 staffing provider to reputed MNC’S and niche product companies.
Till 11:04 am, a combined 20,679 shares changed hands on the counter on the BSE and NSE.