The board of Allsec Technologies and Quess Corp. have decided to approve the Scheme of amalgamation, which provides for the merger of Allsec into Quess. The decision came out at a meeting of board members of both Allsec Technologies and Quess Corp which was held on June 22.
The merger is yet subject for an approval of other stakeholders which include, shareholders and creditors of Quess and Allsec, Stock Exchanges, SEBI (Securities and Exchange Board of India), the National Company Law Tribunal and other regulatory authorities.
Till the approvals from all stakeholders come, both the companies will work independently.
Post the merger, it is expected that it will create more scope for attracting and retaining talent and will also reduce statutory compliance requirements.
Post the merger, all subsidiaries of Allsec will become subsidiaries of Quess.
The synergy between the two companies will strengthen its digital offerings with enhancing RFPs (Request for proposal) from customers and will also enhance the customer lifecycle management of the merged entity. The combined entity will be able to acquire international markets and with the advanced infrastructure of Quess, it will be able to acquire more market share in the tier two and three cities of India.
“We believe this also provides greater opportunities and mobility for our employees. The complementary businesses of Allsec and Quess will make this integration a win-win for all stakeholders,” tells Ashish Johri, CEO, Allsec.
The HRO (Human Resource Outsourcing Services) of the merged entity will become much more robust and stronger post this merger. Allsec’s HRO and Compliance business along with Quess services would form a formidable outsourcing suite for large organisations. The combined entity would have increased geographical penetration given Quess’ strong presence in the Middle East and South Asia.
“As we take the first step towards welcoming Allsec into the immediate Quess family, the proposed merger reinforces our commitment to our shareholders to simplify our corporate structure. Moreover, the compelling synergies b/w Conneqt and Allsec’s CLM (“Customer Lifecycle Management) business, coupled with the possibility of offering Allsec’s HRO solutions and Quess services as an integrated play, presents exciting possibilities for the future,“ mentions Guru Prasad Srinivasan, Executive Director and Group CEO, Quess.