Major acquisition in HR space

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First Meridian, an investment fund, is eying firms in the mid- to late stages in the technology space in human resources.

Two HR companies, Innovsource and V5 Global Services, have been acquired in the recent past and the combined deal is estimated to be worth Rs 350 crore.

Innovsource is a staffing firm with a turnover of Rs 870 crore and has around 55,000 associates The Mumbai-based company has a presence in more than 30 cities and caters to clients in the retail, ecommerce, manufacturing, BFSI and logistics sectors.

V5 Global is based out of New Delhi and is a business process consulting and restructuring organisation that provides services in sales and marketing.

The two companies have been acquired by an investment platform called First Meridian, which is fund floated by Samara Capital, Goldman Sachs and Janchor Partners. First Meridian was formed to buy stakes in HR and staffing companies.

Now, with a national footprint in the staffing industry, First Meridian will invest in the HR technology, staffing, recruitment process outsourcing, compliance management and managed-services areas.

The investment fund is also eying firms in the mid- to late stages in the technology space in human resources.

Samara also aims to create a large, scalable platform in business services with a focus on HR, which will leverage technology.

 

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