Quess Seals Pact to Buy Randstad Lanka
Published: 27th October 2015 06:16 AM | Last Updated: 27th October 2015 06:16 AM | A+A A-
BENGALURU: City-based Quess Corp Ltd (Quess), an integrated business services provider, on Monday announced the signing of an agreement to acquire Randstad Lanka Pvt Ltd (Randstad Lanka) from Randstad India Private Limited.
Speaking to Express, Ajit Isaac, Chairman and MD of Quess, said, “The Sri Lankan market of 21 million people with a GDP of $80 billion gives us a big opportunity. About 59-60 per cent of the Lankan market is made up of services.” But, he did not disclose the cost of the acquisition.
Headquartered in Colombo, Randstad Lanka is a HR services company providing recruitment and staffing services with a workforce of 400-500 employees.
The company hopes to add `23 crore to its revenue through this acquisition. Randstad is a Dutch human resource consulting firm, which has a strong presence in India.
Post acquisition, Quess will have a presence across eight countries in the Asia Pacific.
As of now the non-rupee revenues make up some one-fifth of Quess’s revenues, Isaac said, adding the acquisition will give Quess a foothold among the top five service providers in Sri Lanka.
Quess will also offer all the services including diversified operations in RPO, industrial asset management, facilities management and IT business.
Quess Group is an investee company of Fairfax Financial Holdings, held through its Indian listed subsidiary, Thomas Cook India Ltd., and has about 110,000 employees, across eight countries.