Transaction expected to close before end of September 2018
Team Lease Services announced the signing of a definitive agreement under which TeamLease will invest Rs.7 crore in Avantis Softech LLP.The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close before the end of September 2018. Avantis will be converted into a private limited company and will operate as a separate and independent entity.
The transaction involves a primary investment of Rs.7 crore through CCPS (Compulsorily Convertible Preference Shares) over the next 3 years. The valuation for conversion and purchase of additional stake by TeamLease is linked to Avantis's future performance and meeting its milestones. Infused funds shall be primarily used to expand its business into new geographies, strengthen its existing technology and explore new forms of delivery.
Avantis has deep expertise in Governance, Risk and Compliance Automation and has helped hundreds of organisations migrate from manual and people dependent processes to automated, framework based solutions. It has credibility across large enterprises and SMEs with implementations across 29 states and 7 Union Territories in India with quick and easy on-boarding and a Mobile App based Compliance tracking and management. Avantis's SAAS (Software as a Service) Platform covers over 1200 Acts and over 55,000 compliances in India. Avantis's strong compliance assessment and research capabilities leverage cutting edge technologies such as AI, ML and OCR.
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