Multiples acquires India's PeopleStrong

Financial details were not disclosed. Multiples said in a statement that the acquisition was achieved through a combination of primary and secondary investments.

"HR is witnessing significant technology interventions across the employee lifecycle,” said Sumit Sinha, a principal at Multiples who leads technology transactions. “PeopleStrong's wide range of technology and service offerings positions them well to deliver tangible value to enterprises across size and scale."

Founded in 2006 with seed funding from Withya Group, PeopleStrong is considered one of the fastest growing HR companies in India, with more than 175 customers across all major industries. It claims to have been growing at a rate of 60% for more than a decade. Services leverage a mobile app and artificial intelligence to offer process consulting, payroll management and recruitment support.

Previous investment includes for an equity commitment of undisclosed size by Lumis Partners and Housing Development Finance Corporation in 2013. Lumis first invested the company in early 2011. Additional backers include AAA Ventures and The HR Fund.

Multiples manages about $1 billion of private equity funds with an international mandate that includes a focus on minority and control investments in mid-sized Indian companies. Last year, the firm reached a final close of $690 million on its second India-focused fund, beating the target of $650 million.

HR services is considered an emerging and prospective investment segment in India. Recent activity includes a $10 million round led by Sequoia Capital India for recruitment platform operator Belong and a INR1 billion ($15.4 million) exit of staffing services company TeamLease by ICICI Venture.

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• Topics
• South Asia
• Technology
• Buyouts
• India
• Multiples Alternative Asset Management
• professional services
• Growth capital
• TMT