Recruitment firm TeamLease Services today said it will acquire Pune-based Evolve Technologies, a move that will enable it to enter telecom staffing space.
TeamLease Services and Evolve Technologies have signed a definitive agreement under which TeamLease will acquire 100 per cent stake in Evolve through its wholly owned subsidiary, TeamLease Staffing Services.
The company did not disclose the financial details of the deal.
"The transaction, which will be immediately accretive to TeamLease s earnings per share, will be financed through existing financial resources," a company release said.
The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close by the end of November 2017.
"The acquisition of Evolve is in line with our long term strategy of expanding our footprint into specialised areas of staffing," TeamLease Services MD Ashok Reddy said.
Evolve will continue to operate as a separate and independent entity post acquisition with the same team.
"TeamLease and Evolve would jointly address the needs of our dynamic telecom market and clients as technology trends like 4G, 5G, etc drive the need for rapid and skilled field deployment of advanced technologies to enable the Prime Minister s mission of 'Digital India'," Reddy said.
Pune based Evolve Technologies and Services started operations in the manpower augmentation space in January 2010 and has created niche in the outsourcing and deployment of personnel required for the telecom industry.
"We are excited by the opportunity to enhance our range of services to existing clients and to expand our client base.
Further, the combined platform enhances opportunities of long-term career development for our young and passionate employees," Amitoj Sethi, Co-Founder and Director, Evolve said.
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