Staffing services firm TeamLease Services has completed the acquisition of 30 per cent stake in Cassius Technologies (Freshersworld), the company said today.
The Bangalore-headquartered Fresher's World, a job site for entry level hiring in India, became TeamLease Services' Associate company with effect from June 1, 2017 following the completion of the acquisition.
To accelerate its hiring strategy, TeamLease Services on May 29 had announced plans to acquire 30 per cent stake in job portal Freshersworld.Com at an enterprise valuation of Rs 18 crore.
"...As on June 1, 2017, all the conditions precedent to closing have been fulfilled and the acquisition of 30 per cent stake is completed. Pursuant to this, Fresher's World becomes our Associate company with effect from June 1, 2017," the company said in a regulatory filing.
Fresher's World, which has about 4 million unique visits every month, will continue to operate as a separate and independent entity.
"Freshersworld's enterprise valuation is Rs 18 crore and we have taken 30 per cent stake towards that valuation and the acquisition of further stake in Freshersworld or complete exit is linked to future performance and key product milestones over the next three-year period," TeamLease Services Executive Vice-President Rituparna Chakraborty had said.
Generally, enterprise value is a measure of a company's value.
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