Multiples PE-led HRtech company PeopleStrong HR Services Pvt. Ltd, on Friday, said that it has sold its assessment and remote proctoring business, Wheebox, to one global non-profit educational research and measurement firm ETS.
However, the company did not disclose the financial details of the transactions.
ETS’ private equity investment and merger and acquisition execution arm, ETS Strategic Capital, led the deal. The acquired business, Wheebox, will continue to operate independently as a majority-owned subsidiary of ETS.
Wheebox is a fully owned subsidiary of PeopleStrong, which is a portfolio company of homegrown private equity firm Multiples. The firm claims that it serves more than 100 customers and conducts over 11 million assessments annually across India, and the Middle East.
Post-acquisition, both brands will work together towards measuring talent potential and advancing the quality and equity in education in India and other key markets.
“The partnership between Wheebox and ETS is set to empower organizations at scale with their comprehensive content and assessment solutions,” said Pankaj Bansal, cofounder and group chief executive officer of PeopleStrong.
Wheebox was acquired by PeopleStrong in multiple transactions between 2012 and 2014. The company gave a complete exit to its early investor Lumis Partners in September 2014.
In the financial year 2022, Wheebox’s revenue profit surged nearly 3.6x to Rs 5.8 crore from Rs 1.6 crore in the fiscal before, as per data from VCCEdge, the data intelligence platform of VCCircle.
On the other hand, the company saw its revenue grow 66% to Rs 33.5 crore in FY22 from Rs 20.1 crore in the financial year ended March 2021. It is yet to file its financials for FY23 with the Registrar of Companies.
