Human resource outsourcing services provider ADP has acquired the Indian payroll business of Amsterdam-based Randstad Holding NV from its Indian subsidiary Ma Foi Randstad for an undisclosed amount.
The Indian payroll business of Randstad Holding NV (Ma Foi Consulting Solutions) offers managed payroll services and social benefits administration to clients across India and uses this platform to serve around 350 multinational and domestic clients.
As part of the transaction, ADP will absorb a team of over 200 new associates, ADP said in a statement, adding that Rahul Goyal, President of Ma Foi Consulting Solutions, will continue to manage the business for ADP.
"I am very pleased to take our longstanding partnership with Ma Foi to the ownership phase. ADP's acquisition of Ma Foi Consulting Solutions gives us a direct presence in the large and developing Indian market for HR BPO," ADP Employer Services International President Mark Benjamin said.