TeamLease acquires ASAP Info Systems, enters IT staffing

TeamLease Services Limited one of India’s largest composite staffing company, announced the signing of a definitive agreement to acquire ASAP Info Systems Private Limited. The transaction remains subject to customary closing conditions and regulatory approvals.

TeamLease will acquire ASAP Info Systems for an enterprise value of Rs. 67 crores through its wholly owned subsidiary, TeamLease Staffing Services Private Limited. The transaction, which will be immediately accretive to TeamLease’s earnings per share, will be financed with existing financial resources and is expected to close before the end of August 2016.

Announcing the signing, Ashok Reddy, Managing Director & co-Founder, TeamLease Services Limited said, “This transaction creates an opening balance for TeamLease to build an IT staffing business. The acquisition is also in sync with our strategy of margin expansion through new product verticals and new client segments.”

K J Suwresh, Director, ASAP Info Systems Private Limited said “We are glad that we were able to come to an agreement with TeamLease. Their vision of “Putting India to Work” resonated with us. Further, we were attracted to their track record of growth and long term strategy of building an institution. We are confident our combined capabilities and resources will create a formidable force in IT staffing”.

TeamLease has long serviced IT companies for non-IT staffing positions and expects ASAP to help continue expansion in the space after merging its current offices.