Quess Corp about to Acquire Stake In Comtel Solutions

Quess Corp, business services provider, on Wednesday said that it had entered into agreements to acquire stakes in Comtel Solutions (Singapore-based) and 2 domestic firms - Terrier Security Services and Simpliance Technologies for undisclosed sums.

Quess Corp said in a filing to the BSE that the company had entered into a binding agreement of terms to acquire majority stake in Comtel Solutions Pte marking Quess entry into the technology staffing domain in Singapore. It also added that the deal would also provide a boost to Quess' operations in Asia Pacific markets like Malaysia, the Philippines and Sri Lanka, where it operates.

It further added that initially, Quess will acquire a 64 percent stake in Comtel, on the other hand the balance would be acquired in a phased manner over 2018-20. Comtel served close to 60 clients and is Singapore's one of the biggest independent staffing companies.

Quess and the current Comtel management will work towards expanding the platform in order to bring together their respective expertize and local know how. Another filling to the BSE read that the Bengaluru-based company will supposedly acquire a 49 percent stake in Terrier Security Services India Pvt Ltd, marking its entry into the manned guarding and security solutions business. 

Ajit Issac, Quess Corp chairman and CEO commented on the acquisition saying that he sees their partnership with Terrier as a strategic fit since it provides them a foothold into the manned guarding and security solutions space. Terrier has presence across 14 states spanning 60 cities.

Capt Ravi, Terrier found is sure that this investment from  Quess will enable Terrier to grow as a part of larger business services platform provider in India.

In another filing, Quess Corp said that it has also taken entry  into a definitive agreement to acquire a 45 per cent stake in Simpliance Technologies Pvt Ltd.

Quess investment is focused on helping develop and ramp-up the Simpliance technology platform, aiming at providing a one stop comprehensive solution for meeting the labour compliance requirements of corporates.

As of now, Quess Corp share price is trading above 9 per cent at Rs. 645.15. Quess Corp is one of the top 500 performing stocks for this quarter as identified by Dynamic Levels.For further details on the stock, refer to Quess Corp share price forecast.