Bengaluru : Quess Corp, India’s leading Business Services provider, today announced that its subsidiary Conneqt Business Solutions Ltd. (Conneqt) has signed definitive agreements to acquire a majority stake in Allsec Technologies Limited (Allsec). The transaction involves Conneqt purchasing 35.35% from the promoters, 26% from First Carlyle Ventures Mauritius thereby acquiring a majority control of 61.35%. In accordance with SEBI Regulations, Conneqt will make an open offer to the public shareholders of Allsec to purchase up to 26% of shareholding. The transaction is conditional to the fulfillment of customary closing conditions and required statutory approvals.
Allsec Technologies Limited is a global company with considerable expertise in providing business process solutions across various industry verticals. The Company started operations in 2001 and is listed on the National Stock Exchange of India (NSE) and BSE Limited. The Company operates across two segments globally viz., (a) Human Resources Operation (HRO) covering HRMS, Statutory Compliances, Payroll Services, Time and Attendance management; (b) Customer Lifecycle Management (CLM) which encompasses lead generation, customer retention and relationship management comprising both voice and non-voice processes.
“This acquisition underlines Quess’ ability to quickly build scaled global business platforms. Through this transaction, we now have the opportunity to leverage Allsec’s global presence as well as their deep domain expertise in the HRO business to further deepen client relationships to drive growth and profitability for both Conneqt and Allsec. Apart from the business synergies, the transaction will be accretive to both Conneqt and Quess from Margins, Cash flow conversion as well as RoCE perspective thereby creating long term value for our shareholders” Mr. Ajit Isaac, Chairman & Managing Director of Quess Corp, said.