CIEL HR Services acquires Next Leap Career Solutions; plans IPO in Q2 of FY24

Workforce and skilling solutions provider CIEL HR Services on Thursday announced that it has acquired talent assessment company Next Leap Career Solutions.

The company did not disclose the deal value.

CIEL, which plans an initial public offering (IPO) in the second quarter of the next financial year, reported Rs 382.59 crore revenue in the first half of this financial year, a 80 per cent year-on-year growth from Rs 212.25 crore last year.

The company signed an agreement to acquire a 100 per cent equity stake in Next Leap Career Solutions in tranches.

This acquisition is part of its strategic plan to expand CIEL's offering in the HR services space.

"This acquisition, in line with our IPO plans, is part of our strategic vision to expand our technology-led offerings in the HR services domain. Moreover, it will complement our existing subsidiary Integrum Solutions operating in HR technology space and will help us expand our client portfolio in the market. With this acquisition, we penetrate deeper in the market and expand our margins," CIEL HR Services Managing Director and CEO Aditya Narayan Mishra told reporters at a virtual press conference.

Next Leap has more than 500 clients worldwide and its solutions help managers and company leaders.

CIEL is also in talks to acquire two other professional staffing companies before the IPO.

The workforce and skilling solutions provider also plans to raise USD 10 million through private equity funding simultaneously, Ma Foi Group and CIEL Group Executive Chairperson and Director K Pandiarajan added.