CIEL Group Strengthens HR Solutions Portfolio with Acquisition of Aargee Staffing Services
- ByStartupStory | November 29, 2023
CIEL Group, a prominent HR solutions provider, has recently completed its acquisition of Aargee Staffing Services Private Limited, a notable IT staffing company based in Chennai with an additional office in Ahmedabad. The deal, sealed through a combination of share swap and cash transaction, marks the fourth strategic acquisition by CIEL Group within the past year. The move aligns with the company’s overarching strategy to establish a robust presence across the entire spectrum of the HR value chain.
K Pandiarajan, Executive Chairman of CIEL Group, shed light on the significance of this acquisition during a virtual press conference on Monday. He emphasized that Aargee, boasting a workforce strength of over 730 personnel and an annual revenue of Rs 16 crore, holds a strategic position in the market. Pandiarajan highlighted the advantageous integration with Aargee, citing the company’s major client being the largest software company.
Speaking of the impending initial public offering (IPO), Pandiarajan disclosed that CIEL Group intends to file the draft red herring prospectus (DRHP) by February of the coming year, with plans to enter the market in June 2024. In preparation for the IPO, the company aims to make additional investments and acquisitions, with a target of raising Rs 500 crore.
The acquisition of Aargee Staffing Services is seen as a crucial step in fortifying CIEL Group’s capabilities and expanding its footprint in the competitive HR solutions landscape. As the company strategically positions itself for the IPO, observers anticipate further developments in the lead-up to the filing of the DRHP next February.
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