FirstMeridian, the HR platform, has announced 100 per cent acquisition of technology company, CBSI India. The information technology (IT) staffing business and its employees will now operate as part of the FirstMeridian Group.
Over the past 15 years, CBSI India has enabled clients across industries find the right talent, both contractual and permanent. Formerly called Synova, CBSI was founded by Raj Vattikuti in 2004, who was the founder of the Altimetrik Group (US) and Covansys Corp, which was later acquired by CSC in 2007.
By acquiring CBSI, Sudhakar Balakrishnan, Group CEO, FirstMeridian feels that the Company’s staffing solutions can now be “combined with the operational excellence and robust technology-enabled service delivery” of FirstMeridian, and make a mark in the IT services space.
Despite the ongoing pandemic, some IT segments are expecting to witness increased outsourcing, and this timely acquisition will equip FirstMeridian with all that is required meet this “surge in demand” for qualified IT talent from across the country.
Till now, Affluent Global, which is a part of FirstMeridian, used to service clients in the products and BFSI space. Anurag Gupta, CEO – Technology Staffing at FirstMeridian, believes that with the acquisition of CBSI, it will now be able to serve clients in the services/system integrators space and “have access to 100+ clients across diverse domains to drive the growth of our IT staffing business.”
Since its inception, FirstMeridian has acquired four HR solution providers, namely Innovsource, V5 Global, Affluent Global and HR Cornucopia, with a workforce of over 90,000 associates serving 500+ clients spread across 1100+ locations throughout the country.