Private equity firm Multiples has acquired a majority stake in HR technology and solutions provider PeopleStrong with an investment of around Rs 400 crore.
Multiples, has made a "controlling investment" in PeopleStrong through a combination of primary and secondary investments, and sources close to the development said the deal value is around Rs 400 crore.
With this round of investment, employees will continue to hold significant minority equity with the rest held by Multiples and HDFC.
"With this round of investment, we embark on the next level of growth towards creating version 3.0 of PeopleStrong and we are excited to have Multiples and HDFC fund with us as we go ahead," the company's Co-founder and CEO Pankaj Bansal said.
This will be one of the largest deals in HR technology industry, both in size and scope, the company said, adding that the fresh infusion of capital by Multiples will be used to further strengthen PeopleStrong's technology offering.
"Human Resources is the single most differentiator to create value in any enterprise, and as such occupies a central place in the minds of CXOs," Renuka Ramnath, Founder and CEO, Multiples Alternate Asset Management said.
PeopleStrong has over 175 customers. Its key offerings include SaaS based HR Technology PeopleStrong Alt - powered by mobile app and artificial intelligence, recruitment process outsourcing, and human capital management.
Prior to this round, PeopleStrong had received institutional funding in various rounds from Narotam Sekhsaria family office backed-Lumis Partners and HDFC Holdings.
Multiples PE has over USD 1 billion under management. Some of Multiples' current investments include multiplex company PVR, e-tailing focused logistics company Delhivery, apparel brands and textiles major Arvind, housing finance company Vastu and Indian Energy Exchange.
The deal was managed by the leading global Investment Banking firm Lincoln International Advisors India.
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