Goldman Sachs eyes majority stake in Multiples PE-backed PeopleStrong

The deal is expected to value Gurugram-based HR tech firm PeopleStrong at approximately Rs 1,500 crore

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Goldman Sachs’s private equity arm is in advanced discussions to acquire a majority stake in HR tech services provider PeopleStrong from Multiples Private Equity (PE), Moneycontrol reported on Thursday citing sources familiar with the matter. The deal is expected to value PeopleStrong at approximately Rs 1,500 crore.

 

If finalised, this acquisition will mark a significant milestone for PeopleStrong, potentially enabling further growth and innovation in the competitive HR technology market. For Goldman Sachs, the investment could strengthen its portfolio in the rapidly growing tech-enabled services sector in Asia.

 

What is PeopleStrong?

Based in Gurugram, India, PeopleStrong offers comprehensive HR technology solutions, addressing every stage of the employee lifecycle-from recruitment to exit. Its services include human capital management, payroll, talent acquisition and management, and collaboration tools. 

Operating across India, Singapore, Thailand, the Philippines, Vietnam, Indonesia, Australia, New Zealand, and West Asia, PeopleStrong serves over 500 large enterprises in Asia, which collectively employ more than two million people. Prominent clients include AirAsia, Cipla, Kotak Mahindra Bank, Raymond, Paytm, and Schneider Electric.

 

Multiples PE’s stake in PeopleStrong

Multiples PE acquired an 84 per cent stake in PeopleStrong in 2017 for Rs 400 crore, purchasing it from Lumis Partners and other shareholders. The remaining stake is held by the company’s founders and early investors.

 

Under Multiples PE’s ownership, PeopleStrong has expanded significantly through strategic acquisitions, including the acquisition of Grownout, a B2B referral platform, and Capabiliti in 2018; Qilo, a SaaS performance management product company, in 2019; and PayReview, a salary and compensation tech platform, in 2022.