Quess Corp announces two major acquisitions
Quess Corp, a provider of business services with headquarters based in Bangalore has recently announced its plan to acquire Monster India and its business in South East Asia and the Middle East from Monster Worldwide Inc. It has also announced its plan to acquire the Care Business of HCL Services from HCL Infosystems.
On this announcement, Ajit Isaac, Chairman and Managing Director of Quess Corp, shares, "The acquisition of Monster is aligned with our ‘Digital First strategy for Business’ and is a strategic investment in that direction whereas the acquisition of Care Business marks our entry into the high growth break-fix market for smart phones, consumer electronics and consumer durables with Pan India presence."
It is reported that the transactions are anticipated to close in the next few weeks, subject to the fulfillment of customary closing conditions and required statutory approvals.
Robert Gibney, Chief Financial Officer, Monster Worldwide, was quoted saying “We feel fortunate to have found a partner in Quess who will provide the APAC region with the strategic imperative towards driving favorable outcomes for seekers and employers with the Monster brand. "
According to media reports, Quess Corp will acquire Monster.com India Pvt Ltd for up to $7.5 million (Rs 47.6 crore) from Monster Worldwide Inc. It will also purchase Monster.com companies in Singapore, Hong Kong and Malaysia at an enterprise value of $6.5 million. Besides this, Quess will buy HCL Computing Products Ltd for up to Rs 30 crore ($4.7 million), it said.