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HR Firm FirstMeridian acquires IT staffing company CBSI India for Rs 12 crore


Mumbai: Human assets providers platform FirstMeridian has acquired CBSI India, an IT staffing enterprise, for a complete funding of Rs 12 crore. CBSI and its workers will now function as a part of the FirstMeridian group.

That is the second acquisition by the corporate, in the previous few months. In July, it accomplished the acquihire of the expertise acquisition and staffing unit of Cornucopia, which serves pharmaceutical and healthcare corporations in India. Since its inception in mid-2018, FirstMeridian has acquired three HR answer suppliers, particularly Innovsource, V5 International and Prosperous International slicing throughout varied segments within the Business.

Sudhakar Balakrishnan, Group CEO at FirstMeridian talking on the acquisition mentioned, “The acquisition of CBSI enhances our IT Staffing providing and mixed with FirstMeridian’s operational excellence and a strong technology-enabled service supply, we are going to fortify our presence within the IT providers business.”

Balakrishnan mentioned whereas IT organisations are witnessing a slowdown in determination making, there are specific segments the place outsourcing is anticipated to extend. “With this strategic acquisition, we at the moment are absolutely geared up to fulfil the surge in demand for certified IT workforce all through the nation,” he mentioned.

CBSI has each contract staffing and everlasting recruitment segments and has been serving the know-how providers business. Previously often called Synova, the corporate was based by Raj Vattikuti in 2004, who additionally based the Altimetrik Group (US) and Covansys Corp, which was acquired by CSC in 2007.

Tim Manney, President & CFO of CBSI mentioned, “CBSI India has grow to be a number one IT staffing participant in India…We congratulate the FirstMeridian workforce on this acquisition. We’re assured that beneath their administration CBSI India will obtain even better heights. “

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