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TeamLease acquires ASAP Info Systems, gets into IT staffing

ASAP Info Systems offers IT staffing solutions to various MNCs and domestic companies

Press Trust of India  |  New Delhi 

TeamLease IPO subscribed 90% ahead of close

Staffing company Services today said it will acquire for an enterprise value of Rs 67 crore.

The Bengaluru-headquartered offers solutions to various MNCs and domestic companies, with over 1,000 associates and 171 core employees as of date.

"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 August 2016," the company said in a statement.

Services has signed a definitive agreement to this effect.

The transaction will be done through TeamLease's wholly-owned subsidiary Staffing Services Private and subject to customary closing conditions and regulatory approvals.

"This transaction creates an opening balance for TeamLease to build an business. The acquisition is also in sync with our strategy of margin expansion through new product verticals and new client segments," TeamLease Services MD and Co-Founder Ashok Reddy said.

TeamLease has long serviced IT for non-positions and expects ASAP to help continue expansion in the space after merging its current offices.

K J Suwresh, Director, ASAP Info Systems, said : "We are confident our combined capabilities and resources will create a formidable force in IT staffing."

posted revenue of around Rs 63 crore with an EBITDA of around Rs 11 crore in 2015-16.

First Published: Mon, July 04 2016. 11:42 IST