CIEL Group, an HR solutions provider, has acquired the entire equity stake of Aargee Staffing Services, an IT staffing company. The acquisition is expected to strengthen CIEL’s professional staffing services, enabling the delivery of highly skilled IT and engineering talent to meet the specific needs of clients.
The company has entered into definitive agreements with Aargee to acquire ire 100 per cent equity stake. Although the transaction involves a combination of share swap and cash, the total investment value in acquiring the new company has not been disclosed by the CIEL Group.
According to K Pandiarajan, executive chairperson, CIEL Group, the initiative will aim to provide enhanced value to businesses in India, offering the workforce an opportunity to adapt to future challenges. Additionally, it will strengthen the company’s tech staffing services within the market and advance its IPO objectives.
The IT staffing company, based in Chennai, currently employs over 730 employees. Additionally, it also operates an office in Ahmedabad.
Speaking on the acquisition, Meenakshisundaram Ramachandran and Seshadri Badrinarayanan, promoters, Aargee Staffing, pointed out that the partnership not only aims to expand the group’s clientele but also to establish a more robust presence in the market. “This strategic partnership will empower us to foster innovation and harness collective strengths,” they added.
The group plans to submit the draft red herring prospectus (DRHP) by February 2024, with the intention of entering the market by June 2024, as mentioned by Pandiarajan. To prepare for this, the company will make additional investments and acquisitions. The aim is to raise Rs 500 crore through the upcoming IPO.
