Business services provider Quess Corp Ltd on Thursday said it has entered into definitive agreements to divest its stake in the digital risk and compliance services company, Simpliance Technologies Private Ltd, to Aparajitha Corporate Services, a leading HR compliance services company and its affiliates.
The deal is valued at an enterprise value of Rs 120 crore, on a cash and debt-free basis, subject to closing adjustments and fulfilment of conditions set out in the transaction document.
For Quess, a strategic investment of Rs 4.5 crore for its total 53 percent shareholding made between October 16 and August 18, has yielded an enterprise value of Rs 120 crore.
Speaking on the occasion, Guruprasad Srinivasan, Executive Director and Group CEO of Quess Corp, said, "In line with the corporate structure simplification process and rationalisation of business lines, we have divested our stake in Simpliance Technologies Private Ltd."
Anil Prem D'Souza, Founder & CEO of Simpliance, and an Indian Navy veteran, said, "Being a part of the Quess family since 2016 has helped us to build scale, leveraging the Quess’ platform and their management expertise. We look forward to partnering with Aparajitha Corporate Services, to seamlessly integrate our SaaS Offerings to create holistic bundled products for our customers across the value chain."
Nagaraj Krishnan, Managing Director of Aparajitha Corporate Services, said, "The combination with Simpliance will enable us to offer comprehensive compliance solutions — best-in-class services combined with digital tools and emerge as the undisputed leader in the labor, employee, and industrial compliance segment."
