HR solutions company Quess Corp Ltd, will divest its stake in digital risk and compliance services company, Simpliance Technologies Pvt. Ltd (Simpliance) and sell it to HR compliance firm Aparajitha Corporate Services and its affiliates, for an enterprise value of Rs 120 crore on a cash and debt basis.
“In line with the Corporate structure simplification process and rationalization of business lines, we have divested our stake in Simpliance Technologies Private Limited,” said Guruprasad Srinivasan, executive director and group chief executive officer, Quess Corp.
The statement added that for Quess, a strategic investment of Rs 4.5 crore for its total 53% shareholding made between October 2016 and August 2018 has yielded an enterprise value of Rs.120 crore.
Established in Bengaluru in 2007, Quess Corp provides a host of technology enabled staffing and managed outsourcing services across processes like sales, marketing, customer care and sales service. The company claims to have a workforce of over 4.7 lakh employees catering to more than 3,000 clients across India, US, Asia-Pacific and West Asia.
Simpliance on the other hand provides tech-based governance, risk and compliance solutions. The company hosts India’s largest digital platform for automated Statutory Compliance Management that helps businesses comply with Indian labour laws.
“Being a part of the Quess family since 2016 has helped us to build scale, leveraging the Quess’ platform and their management expertise. We look forward to partnering with Aparajitha Corporate Services, to seamlessly integrate our SaaS Offerings to create holistic bundled products for our customers across the value chain,” said Anil Prem D’Souza, founder and chief executive officer, Simpliance.
“The combination with Simpliance will enable us to offer comprehensive compliance solutions – services combined with digital tools and emerge as the undisputed leader in the labour, employee and industrial compliance segments. We intend to emerge as a technology and data-oriented compliance solution provider with strong regulatory domain expertise in India and other regions,” said Nagaraj Krishnan, managing director, Aparajitha Corporate Services.
