India – Multiples acquires majority stake in PeopleStrong

By memberservices@staffingindustry.com (Danny Romero)

Private equity fund Multiples Alternate Asset Management has bought a controlling stake in India-based HR outsourcing and technology firm PeopleStrong HR Services Pvt. Ltd through a combination of primary and secondary investments.

The investment by Multiples amounts to INR 4 billion (USD 61.6 million).

According to PeopleStrong, the investment funds will be used for product development in HR technology and acquisitions of mid-sized firms in payroll and HR technology space in Asia.

PeopleStrong management and staff will hold a 25% stake in the firm and the rest will be controlled by Multiples and HDFC Holdings Ltd, which invested in the HR firm in 2013.

“HR is the single most differentiator to create value in any enterprise and as such occupies a central place in the minds of CXOs. We are excited to back PeopleStrong’s top quality management team focused on bringing leading edge technology solutions to address this space effectively,” Renuka Ramnath, founder and CEO, Multiples, said.

Deepak Parekh, Chairman, HDFC Ltd. said, “It is always great to see entrepreneurial ventures from India scaling up and taking off for their growth journey. PeopleStrong has created an interesting story globally as the HR Technology company from India and we are delighted to be part of it.”

Source:: India – Multiples acquires majority stake in PeopleStrong