Info Edge (India) Ltd. | Representative image
Leading consumer internet company Info Edge, which operates recruitment portal Naukri.com, on June 12 said it had entered into an agreement to acquire 100 percent of the share capital of Zwayam Digital Pvt Ltd.
Bengaluru-based Zwayam Digital Pvt Ltd operates Zwayam, an artificial intelligence and machine learning-powered recruitment management software platform.
Info Edge also operates 99acres.com and education portal Shiksha.
With this acquisition, Info Edge is aiming to streamline and accelerate digital transformation in talent management. Under the agreement, Zwayam will leverage the InfoEdge experience, ecosystem and resources and invest more in the business to serve both existing and future customers even better.
Info Edge launches Rs 1,875 crore QIP to build COVID M&A war chest
Founded by by Joseph John, Nicel KM, Divya T and Shreyas Tonse in 2015, Bengaluru-based Zwayam powered the digital transformation of the recruitment process of many enterprises.
"We are very much excited and look forward to the next phase of our journey with Info Edge. Info Edge will provide us with the necessary expertise and resources we needed to support our customers better. Together we would be able to serve 100 percent of our customer needs,” Zwayam CEO Joseph John said.
Info Edge MD and CEO Hitesh Oberoi says the acquisiton of Zwayam will cement the company's postion in the market. "Zwayam has built a great recruitment automation product which serves the needs of the enterprise customers well. This acquisition will supplement and complement Info Edge’s current recruitment offerings and help it cement its position as a leader in the enterprise recruitment solutions market," Oberoi said.
Earlier in 2020, InfoEgde launched a qualified institutional placement (QIP) to raise around Rs 1,875 crore. On June 23, 2020, the board of Info Edge approved raising up to Rs 1,875 crore via a QIP . The firm, the first Indian dotcom to list on domestic bourses in 2006, is on the prowl for strategic acquisitions in the aftermath of COVID-19.