Feb 1: Business services provider Quess Corp has announced its buy out of Monster.com Asia services and the Indian service center business of HCL Infosystems. Both the acquisitions are said to be in tune with the company’s strategy of backing strong management teams and working along with them, while creating a long term value for stakeholders and clients.
Quess, according to reports, sees the acquisition of Monster.com in line with the the ‘Digital First Strategy for Business’ of the company, while the other is the company’s infant step into the high-growth break-fix market for smart phones, consumer electronics and consumer durables with Pan India presence.
While Quess Corp revealed that it will pay up to Rs 30 crore for the service center business of HCL Infosystems, it revealed nothing about the Monster.com acquisition. However, an enterprise value of the purchased business is said to have gone up to around Rs 90 crore. Enterprise value is an estimate of the value of the company for all stakeholders including its creditors and its shareholders.
Monster.com which announced its deal to the US market said that APAC and Gulf Business of Monster will continue to operate as a separate and independent entity under the Monster name within Quess, subject to a licensing agreement from Monster Worldwide.
Monster.com which arrived in India a decade back was paled by naukri.com. Naukri’s success remains in its relationship with employers and companies. The latest move however would be a threat to Info Edge India Ltd, which operates naukri.com.
Quess Corp, according to reports, opined that the acquired business of monster.com had been on a stagnant turnover of $27mln per year over a period of 2014-2016. The company believes the merger goes in hand with its market leading presence in the HR services space with end to end offerings across employee life cycle management. Quess has 65 offices in 34 cities, and serves over 1700 corporate clients, providing them people, facility management services, technology and industrial solutions and services.
Meanwhile, the Rs 30 crore deal of HCL infosystems involves takeover of 80 walk-in centers and over 200 authorized service providers. The company which once managed the Nokia service centers of India has a total employee strength of 1,400 and had a revenue of Rs 191 crore last year.