TeamLease acquires ASAP Info
Staffing company TeamLease Services today said it would acquire ASAP Info Systems for an enterprise value of Rs 67 crore.
Bengaluru-based ASAP Info Systems offers IT staffing solutions to various MNCs and domestic companies, with over 1,000 associates and 171 crore employees.
"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," the company said in a statement.
TeamLease Services has signed a definitive agreement to this effect. The transaction will be done through TeamLease's wholly-owned subsidiary TeamLease Staffing Services Private and is subject to customary closing conditions and regulatory approvals.
"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," TeamLease Services MD and co-founder Ashok Reddy said.
The shares of TeamLease today rose nearly 3 per cent on the BSE on the news.