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TeamLease Acquire 30% Stake in Freshersworld.com

30May By PriyankaNo Comments

ACQUISITION

TeamLease Acquire 30% Stake in Freshersworld.com

Staffing services firm TeamLease Services will acquire 30 per cent stake in job portal Freshersworld.com at an enterprise valuation of Rs 18 crore, a move that will accelerate its hiring strategy. "Freshersworlds enterprise valuation is Rs 18 crore and we have taken 30 per cent stake towards that valuation and the acquisition of further stake in Freshersworld or complete exit is linked to future performance and key product milestones over the next three-year period," TeamLease Services executive vice-president Rituparna Chakraborty said. Generally, enterprise value is a measure of a companys value. The deal is structured as an all-cash tender financed with the existing cash reserves of TeamLease, a company release said, adding the transaction is subject to regulatory approvals and is...

TeamLease Services Q2 Net Profit at Rs 9 Crore

Staffing services firm TeamLease Services has reported a net profit of Rs 9.03 crore for the quarter ended September 30, 2016, a jump of 58 percent compared to the year-ago period. The company had reported a net profit of Rs 5.72 crore in the quarter ended September 2015, a company statement said. "The steps towards staffing vertical growth has gained momentum with the closure of acquisitions of ASAP Info Systems and Nichepro in the IT staffing space," TeamLease Services Managing Director Ashok Reddy said. Gross revenue of the company stood at Rs 840.88 crore for the second quarter of this fiscal with 14 percent yearly jump. "The continued focus on productivity, margin improvement and client acquisitions has seen good traction. We stay true to our core objectives and metrics of...

Hiring firm TeamLease Services Ltd gets Sebi nod for IPO

Hiring firm TeamLease Services Ltd on Monday secured approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The firm had filed its draft initial public offering (IPO) papers with the capital markets regulator in September. The company, backed by private equity funds Gaja Capital and ICICI Venture’s India Advantage Fund (IAF), is looking to raise around Rs450-500 crore through the offer. TeamLease’s core business is providing staffing solutions. The majority of its business involves providing employees engaged in sales, logistics and customer service functions. TeamLease has an estimated market share of 5-6%. The business is supported by strong processes and technology, internal processes and a professional management team with long e...