January 05, 2011 / 20:53 IST
Ikya Human Capital Solutions, a Bangalore-based integrated HR solutions company, has acquired Hyderabad-based IT staffing company Magna Infotech in a Rs 100-crore deal. Ikya, backed by private equity firm India Equity Partners, is headed by former PeopleOne founder Ajit Isaac.
Magna Infotech is a technology staffing firm with over 5,000 staff. The combined entity will become one of the leading staffing players in the country in terms of size and range of services offered, said a statement. The company offers IT staffing solutions to 232 blue chip
clients.Ikya has followed an inorganic growth strategy with several other deals in the past. Last year, Ikya acquired Coachieve Solutions, a Delhi-based firm offering recruitment services to IT and ITES space.In 2008, it acquired facilities management firm Avon Management Services. Ikya has raised private equity funding of $8 million in 2008 from India Equity Partners (IEP), a private equity fund focused on India. IEP, together with Ajit Isaac, holds majority shareholding in
the company.Ikya offers services in several verticals including engineering, manufacturing process and infrastructure; consumer services, retail and telecom; banking and financial services; and technology services encompassing IT and ITES. Ikya competes with players like TeamLease,
which is backed by Gaja Capital Partners.Grant Thornton India was the sole strategic and financial advisors to Magna Infotech on this transaction.By: Shrija Agrawal Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
