TeamLease Services, a staffing company, has signed an agreement to acquire ASAP Info Systems Private Limited. The transaction remains subject to customary closing conditions and regulatory approvals.
TeamLease will acquire ASAP Info Systems for an enterprise value of Rs. 67 crores through its wholly owned subsidiary, TeamLease Staffing Services Private Limited. 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.
Ashok Reddy, Managing Director and Co-Founder, TeamLease Services Limited said the transcation “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”
K J Suwresh, Director, ASAP Info Systems Private Limited said the company was confident that “our combined capabilities and resources will create a formidable force in IT staffing”.