Human resources services platform FirstMeridian has acquired CBSI India, an IT staffing business, for a total investment of Rs 12 crore. CBSI and its employees will now operate as part of the FirstMeridian group.
This is the second acquisition by the company, in the last few months. In July, it completed the acquihire of the talent acquisition and staffing unit of Cornucopia, which serves pharmaceutical and healthcare firms in India. Since its inception in mid-2018, FirstMeridian has acquired three HR solution providers, namely Innovsource, V5 Global, and Affluent Global cutting across various segments in the Industry.
Sudhakar Balakrishnan, Group CEO at FirstMeridian speaking on the acquisition said, “The acquisition of CBSI enhances our IT Staffing offering and combined with FirstMeridian’s operational excellence and robust technology-enabled service delivery, we will fortify our presence in the IT services industry.”
Balakrishnan said while IT organizations are witnessing a slowdown in decision making, there are certain segments where outsourcing is anticipated to increase. “With this strategic acquisition, we are now fully equipped to fulfill the surge in demand for qualified IT workforce throughout the country,” he said.
CBSI has both contract staffing and permanent recruitment segments and has been serving the technology services industry. Formerly known as Synova, the company was founded by Raj Vattikuti in 2004, who also founded the Altimetrik Group (US) and Covansys Corp, which was acquired by CSC in 2007.
Tim Manney, President & CFO of CBSI said, “CBSI India has become a leading IT staffing player in India…We congratulate the FirstMeridian team on this acquisition. We are confident that under their management CBSI India will achieve even greater heights.”