HomeBusinessStaffing Firm FirstMeridian Scouts for More Acquisitions

Staffing Firm FirstMeridian Scouts for More Acquisitions

Group CEO Sudhakar Balakrishnan said staffing firm First Meridian Business Services Ltd is planning more acquisitions to expand into new segments such as engineering staffing, finance and accounting outsourcing, and legal staffing.

He added that this will enable the firm to leverage its existing assets and provide more comprehensive and attractive services to the clients.

“Our acquisition strategy aims to deepen and broaden our expertise and offerings across our business lines and expand the geographic coverage of our offerings,” said Mr. Balakrishnan.

“This industry has grown through mergers and acquisitions. On an average 130-135 acquisitions take place across the world every year and India is no different.

The firm has been focusing on acquisitions as part of its growth strategy since its inception.

“Since our incorporation in 2018, we have acquired seven companies and have integrated them well into our systems. According to me the most important thing is the integration of the people,” said Mr. Balakrishnan.

In 2018, it acquired Innovsource Services and Innovsource Facilities, V5 Global Services and Effluent Global Services. Also in 2020, it acquired Cornucopia V5 and the business vertical of CBSI India. In 2022, it acquired RLabs Enterprise Services with diverse skill sets including systems, application and product technologies, artificial intelligence and robotics, mobility, cloud computing and enterprise storage.

As of December 2021, FirstMeridian served over 1,200 customers across a wide range of industries. For the nine months ended December 2021, it reported revenue of ₹2,069 crore from operations.

Highlighting the growth of the company over the last four years, Mr. Balakrishnan said, “We have expanded our reach to 50 locations in 75 cities across India and by March 2022, we have approximately 1.18 lakh Associates deployed at over 3,500 locations. has doubled. ,

First Meridian, backed by Zanchor, Goldman Sachs and Samara Capital, had in May this year filed preliminary papers with capital markets regulator SEBI to raise ₹800 crore through an initial public offering (IPO).

As per the draft prospectus, the IPO comprises a fresh issue of equity shares of up to ₹50 crore and an offer for sale (OFS) of up to ₹750 crore by promoters and existing shareholders.

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