Private equity-backed Ikya Human Capital Solutions, a Bangalore-based HR solution company, has acquired Coachieve Solutions for an undisclosed sum. Coachieve is a Delhi-based firm offering recruitment services to IT and ITES space.
Interestingly, the deal comes at a time when the IT/ITES sector, known for adding hordes of employees during the boom period, has gone slow on recruitment.
The acquisition is part of company’s plan to add management depth to offer greater value to its customers. “The intention is to built scale and depth to the company which will help us get to a market leading position in the next two years,” Ajit Isaac, CEO, Ikya Human Capital Solutions told VCCircle. The company plans to expand its reach to north and west India.
The acquisition of Coachieve will add to Ikya’s revenue stream. Coachieve is operational in Delhi, Mumbai, Bangalore and Pune.
Isaac says, the company was looking at both organic and inorganic routes to grow its offerings. “We will look at further acquisitions,” said Isaac. The candidates that Ikya would look at include those who will bring geographic reach, value transaction and new products and services. “We are looking at acquisitions in north and west while in service line we are looking at mechanical, and security services (physical security) space,” added Isaac.
Ikya offers services in several verticals including engineering, manufacturing process and infrastructure; consumer services, retail and telecom; banking and financial services; and technology services encompassing IT and ITES.
In 2008, it acquired facilities management firm Avon Management Services. Ikya has raised private equity funding of $8 million in 2008 from India Equity Partners (IEP), a private equity fund focused on India. IEP, together with Ajit Isaac, holds majority shareholding in the company.
