Bangalore staffing company TeamLease Services to buy ASAP Info Systems
04 July 2016
TeamLease Services Ltd, one of India's largest human resource outsourcing and staffing companies, today said that it would buy ASAP Info Systems Private Ltd.
The acquisition, for for Rs67 crore, will be carried out through TeamLease Services' wholly-owned subsidiary, TeamLease Staffing Services Private Ltd.
The Bangalore-based company expects to fund the deal through existing financial resources.
ASAP offers IT staffing solutions to various MNCs and domestic companies with over 1,000 associates and 171 core employees.
ASAP operates through its offices across India, including Bangalore, Chennai, Hyderabad, Gurgaon and Pune, and generates annual sales of around Rs63 crore.
''This transaction creates an opening balance for TeamLease to build an IT staffing business. The acquisition is also in sync with our strategy of margin expansion through new product verticals and new client segments,'' said, Ashok Reddy, managing director & co-founder, TeamLease.
''We are glad that we were able to come to an agreement with TeamLease. Their vision of ''Putting India to Work'' resonated with us. Further, we were attracted to their track record of growth and long term strategy of building an institution. We are confident our combined capabilities and resources will create a formidable force in IT staffing,'' said, K J Suwresh, director, ASAP.
Operating since 2002, TeamLease is one of India's leading human resource service companies having 8 offices and 1400 clients across the country.
The company has is a one-stop provider of human resources services, offering staffing, payroll processing, recruitment, compliance and training services.
The company has about 125,000 associates/ trainees spread across the country and has till date given employment to 1.2 million people.