Quess Corp (Quess) has entered into a binding agreement to acquire a majority stake in Comtel Solutions (Comtel), marking the company’s entry into the Technology Staffing domain in Singapore. Quess will initially acquire 64% in Comtel while the balance will be acquired in a phased manner over FY18-20.
Quess and the current Comtel management will work towards rapidly expanding the platform bringing together their respective expertise and local knowhow. Closing of the transaction is subject to, fulfillment of certain conditions precedent set out in the agreement, to the mutual satisfaction of both parties, and statutory and regulatory approvals. The transaction is expected to provide a significant boost to Quess’ operations in Asia Pacific where it already has presence in Malaysia, Philippines and Sri Lanka.
Comtel is one of Singapore’s largest independent staffing companies with services offered across staffing solutions, managed services solutions, and recruitment and search services with operations across Malaysia and Indonesia. Comtel serves more than 60 clients, including marquee names in BFSI, Engineering and IT sectors.
| Company Name | CMP |
|---|---|
| Quess Corp | 197.10 |
| SIS | 323.35 |
| TeamLease Services | 1238.30 |
| Bluspring Enterprise | 66.79 |
| Updater Services | 161.15 |
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