The private-equity wing of Goldman Sachs is reportedly preparing to acquire a majority stake in PeopleStrong, a provider of HR tech services, owned by Multiples Private Equity.
As per a Moneycontrol report, the deal is valued at about Rs 1,500 crore. The acquisition will help make the portfolio of Goldman Sachs stronger in the Asian tech-enabled services space.
Multiples PE has an 84 per cent stake in PeopleStrong, which it acquired in 2017 for Rs 400 crore, from Lumis Partners and other shareholders.
Gurugram-based PeopleStrong offers HR technology solutions that address all aspects of an employee’s lifecycle, right from hiring and onboarding to exiting. Its solutions cover not just talent-acquisition and management services but also payroll, human capital management, and even collaboration tools.
In addition to India, the company’s operations are spread across the Philippines, Vietnam, Thailand, Singapore, Australia, New Zealand and West Asia. It is catering to more than 500 enterprises in Asia presently, including big names such as Paytm, Raymond, Schneider Electric, Cipla, Kotak Mahindra and AirAsia.
In early 2022, PeopleStrong had acquired PayReview, a salary and compensation tech platform, in an all-cash and stock deal. Before that, in 2018, PeopleStrong had acquired the Gurugram-based B2B SaaS referral platform, Grownout. This acquisition had made PeopleStrong’s SaaS HR technology, PeopleStrong Alt, stronger. Powered by machine learning, its offerings covered sourcing, match making, offer generation and even onboarding.
