TeamLease to buy Evolve Technologies for telecom sector hiring

Staffing agency TeamLease said it would acquire 100 stake in Evolve Technologies and Services Pvt Ltd to make an inroad into telecom sector hiring.

"The transaction, which will be immediately accretive to TeamLease's earnings per share, will be financed through existing financial resources," said the company in a filing to the National Stock Exchange.

After the acquisition, Evolve will continue to operate as a separate and independent entity post with the same team. The transaction is expected to close by the end of November.

"The acquisition of Evolve is in line with our long-term strategy of expanding our footprint into specialized areas of staffing. We are excited to be associated with Evolve at a point when the IT infrastructure to support the rapidly expanding telecom user base in the country is undergoing a massive change. TeamLease and Evolve would jointly address the needs of our dynamic telecom market and clients as technology trends like 4G, 5G, etc," said Ashok Reddy, Managing Director, TeamLease.