Leading facility service provider ISS has acquired 49 per cent stake in SDB Cisco, one of the biggest security firms.
"The transaction provides ISS India a comprehensive service offering of cleaning, catering, pest control and security and ensures ISS a leading position in one of the world's fastest growing markets for outsourced services," ISS Group Jeff Gravenhorst told reporters.
He said SDB Cisco is ISS' third large acquisition in India and constitutes the second strategic step change following the takeover of pest control provider Godrej HiCare in April 2009.
"Together, ISS India and SDB Cisco will have almost 43,000 employees, making India the second largest ISS operation," he said.
"We except significant commercial synergies combining ISS' expertise with SDB Sisco's know-how, knowledge and vast industry experience. This will leverage our business and greatly benefit our mutual clients," ISS India Country Manager Jolly Kochery said.
He said the current growth rate for the outsourced facility servies market in India is 15-20 per cent per annum, which is expected to continue for at least the next five years.
"ISS has experienced strong growth in India since entering the market in 2005 and sees great potential for further expansion," he said.
