Staffing company TeamLease Services Ltd on Wednesday said it has bought a majority stake in Dehradun-based IMSI Staffing Pvt. Ltd that develops enterprise software, its second acquisition this year.
The earlier acquisition announced in February but yet to be made was also in the tech segment: IT staffing business of Hyderabad-based human resources services firm eCentric Solutions Pvt. Ltd.
TeamLease has acquired 72.7% stake and will buy the rest within 180 days, the firm said in a stock exchange filing. It did not mention the total acquisition sum for 100% stake but said it was for a cash consideration equivalent to 6.5 times the acquired company's profit before tax for the year ended March plus the net worth as on 12 November. IMSI Staffing had recorded a profit before tax of Rs 7.2 crore on revenue of Rs 48 crore for the said financial year.
IMSI Staffing, incorporated in 2013, helps clients to develop enterprise software and migrate to cloud, mobile and internet-based applications. It currently has over 1,800 associates deployed on more than 50 projects across India.
TeamLease, which has been operating since 2002, mainly offers a temporary workforce to its clients, including senior managers on a short-term basis.
Last year, TeamLease acquired 21% stake in Cassius Technologies Pvt. Ltd that runs job site Freshersworld, going by VCCEdge (www. VCCEdge.com), the data research arm of Mosaic Digital. It also said it will acquire a stake in Avantis Softech LLP.
In 2017, it had made a string of acquisitions. For example, a 40% stake buy in Mumbai-based education technology startup Schoolguru Eduserve Pvt. Ltd. In the same year, it bought Bengaluru-based Keystone Business Solutions Pvt. Ltd to strengthen its IT staffing vertical.