Quess Corp to buy 45% stake in Simpliance Technologies; stock up 4%
Quess Corp has announced on Wednesday to acquire 45% stake in human resource compliance management firm Simpliance Technologies for up to Rs 2.50 crore in an all cash deal.
"...the company has entered into a definitive agreement to acquire 45% stake in Simpliance Technologies Private Ltd (Simpliance). Quess Corp investment is focused on helping develop and ramp-up the Simpliance technology platform which is aimed at providing a one stop comprehensive solution for meeting the labour compliance requirements of corporates," cited the company in a filing to the BSE on Wednesday.
Simpliance is a Bengaluru-based compliance technology firm incorporated in April 27, 2016, headed by former Naval officer Anil D'Souza, with a strong technology background and experience in the field of human resources and labour compliance.
The company is expected to complete the acquisition deal on or before December 31 this year.
"The investment in Simpliance is a play on Digital India. Labour law compliance management is one of our core offerings. With Simpliance, we enhance this core offering of Quess Corp with a strong technology solution, leveraging our existing scale in this burgeoning space," Quess Corp chairman and chief executive officer Ajit Isaac said in a statement.
Quess Corp will pay a consideration of Rs 2.5 crore as fresh equity for a 45% stake and the investments will be used to enhance the existing platform, the statement said.
Quess Corp is India's integrated business services provider and is headquarted in Bengaluru city of Karnataka state.
At 09:57 hours, the stock of Quess Corp was trading up 4.04% or Rs 24.10 at Rs 621.00 on Thursday.
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