Staffing agency FirstMeridian Business Services Ltd. is planning additional acquisitions to broaden into new segments reminiscent of engineering staffing, finance and accounting outsourcing, and authorized staffing moreover enhancing presence in present segments,mentioned group CEO Sudhakar Balakrishnan.
This will allow the agency to leverage its present property and supply shoppers extra complete and engaging providers, he added.
“Our acquisition strategy is aimed at deepening and broadening our expertise and offerings across our business lines and expanding the geographical coverage of our offerings,” Mr. Balakrishnan mentioned.
“This industry has grown through mergers and acquisitions. On an average, 130-135 acquisitions happen every year across the globe and India is no different,” he added.
The agency has been focussing on acquisitions as a part of its development technique since its inception.
“Post our incorporation in 2018, we have acquired seven companies and have integrated them well into our system. Most important thing according to me is people integration,” Mr. Balakrishnan mentioned.
In 2018, it had acquired Innovsource Services and Innovsource Facilities, V5 Global Sevices and Affluent Global Services. Further in 2020, it had acquired the enterprise vertical of Cornucopia V5 and CBSI India. In 2022, it acquired RLabs Enterprise Services having numerous ability units, together with programs, functions and merchandise applied sciences, synthetic intelligence and robotics, mobility, cloud computing and enterprise storage.
As of December 2021, FirstMeridian served greater than 1,200 shoppers throughout a variety of industries. For the 9 months ended December 2021, it reported ₹2,069 crore income from operations.
Highlighting the corporate’s development within the final 4 years, Mr. Balakrishnan mentioned, “We have expanded our reach to 50 locations in 75 cities across India and have almost doubled our headcount to 1.18 lakh associates who are deployed at over 3,500 locations as of March 2022.”
FirstMeridian backed by Janchor, Goldman Sachs and Samara Capital had filed preliminary papers with capital markets regulator SEBI in May this yr to lift ₹800 crore via an preliminary public providing (IPO).
According to the draft prospectus, the IPO includes a contemporary problem of fairness shares aggregating as much as ₹50 crore and an Offer for Sale (OFS) aggregating as much as ₹750 crore by promoters and present shareholders.
Source: www.thehindu.com