First Meridian, an HR-investment platform — formed by private equity firm Samara Capital, global investment bank, Goldman Sachs and Hong Kong-based long-term investor, Janchor Partners — has acquired staffing firms Innovsource Services and V5 Global Services for an undisclosed amount.
It is reported that First Meridian will go for additional minority investments/buyouts in areas such as HR technology, staffing, recruitment-process outsourcing, compliance management and managed services.
Sudhakar Balakrishnan, former managing director and chief executive of Adecco India, will be co-investing in the platform and will also head First Meridian. As per reports, the other senior managers will also invest in the platform along with the institutional investors.
According to a report by The Economic Times, the acquisition has been made for Rs 350 crore ($50.8 million). It is reported that a third acquisition is in the pipeline.
Innovsource is a Mumbai-based manpower outsourcing company established in 2004. It works in the area of temporary staffing in India, and has a workforce of 55,000 associates. Operating in over 30 cities, it caters to companies in retail, e-commerce, manufacturing, BFSI (banking, financial services and insurance), logistics, and more.
New Delhi-based staffing solutions provider, V5 Global Services was launched in 2005, and boasts of a profit of Rs 5 crore in March 2016.
