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Last Updated : Sep 21, 2016 06:44 PM IST | Source: Moneycontrol.com

TeamLease up 4% on acquisition of Bangalore-based IT staffing co

Staffing company TeamLease Services shares rallied 4.5 percent intraday Wednesday on acquisition of Bangalore-based IT staffing solutions firm.

 
 
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Moneycontrol Bureau


Staffing company TeamLease Services shares rallied 4.5 percent intraday Wednesday on acquisition of Bangalore-based IT staffing solutions firm.


On September 20, TeamLease Staffing Services, the wholly owned subsidiary, has signed a definitive agreement to acquire Nichepro Technologies for enterprise value of Rs 29.5 crore.

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The company said the transaction, which would be immediately accretive to TeamLease’s earnings per share, would be financed with existing financial resources and is expected to close before the end of October 2016.


"This acquisition strengthens IT staffing vertical and nicely complements our recent acquisition of ASAP Info Systems," Ashok Kumar Nedurumalli, Managing Director & Co-Founder of
TeamLease Services said.


Incorporated in June 2008, IT staffing solutions provider Nichepro recorded revenue of approximately Rs 26 crore from its staffing services with an EBITDA of Rs 6.8 crore in FY16.


At 09:20 hours IST, the scrip of TeamLease Services was quoting at Rs 1,139.90, up Rs 40.80, or 3.71 percent on the BSE.

Posted by Sunil Shankar Matkar



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First Published on Sep 21, 2016 09:39 am
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