Multiples PE-controlled PeopleStrong snaps up SaaS firm Qilo
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PeopleStrong HR Services Pvt. Ltd, a human resources technology company, has acquired software-as-a-services company Qilo Technologies Pvt. Ltd in its third takeover deal over the past two years.

The acquisition will help PeopleStrong strengthen its talent and workforce management offerings, the company said in a statement. It didn’t disclose financial details of the transaction.

PeopleStrong is majority owned by private equity firm Multiples Alternate Asset Management Pvt. Ltd.

Sandeep Chaudhury, board member at PeopleStrong, said the acquisition will help the firm’s clients simplify and measure strategy execution and align individual performance to business outcomes across all levels.

Noida-based Qilo was incorporated in 2015 by Vipul Mathur, Vikram Kohli and Arun Verma. The firm says it helps organisations by providing them solutions relating to strategy execution and objectives and key results (OKR) performance management.

Its platform delivers services such as team alignment, real-time visibility, business digitisation, and performance measurement. The company has worked with organisations such as BigBasket, Meesho, Chumbak, and CarDekho.

PeopleStrong, meanwhile, was set up in 2005. The HR services firm says it has around 1,000 employees and more than 170 customers across industries. Its services cover the whole spectrum of human resources, including talent acquisition, human capital management, workplace data and insights, and payroll functions.

Its clients include Tata Motors, Mahindra & Mahindra, HDFC Life Insurance. According to VCCEdge, the data research arm of Mosaic Digital, the company’s investors include – or have included – HDFC Holdings Ltd, Withya Group and Lumis Partners.

In April 2017, Multiples bought the entire stake of Lumis Partners and some other investors. Lumis first invested in PeopleStrong in 2011 and then put more money to hold a 42.42% stake. The PE firm invested through its Private Equity Fund 2 and Plenty Private Equity Fund 1.

In January last year, financial technology startup Zeta – promoted by Bhavin Turakhia – picked up a minority stake in the Gurugram-headquartered PeopleStrong. In the same month, it said it would acquire online referral hiring platform GrownOut for an undisclosed amount.

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