Bengaluru-based Quess Corp, a company which provides staffing, facilities management and other business services, is all set to acquire Colombo-based Randstad Lanka.
Randstad Lanka is an arm of Randstad India, which is a part of the Netherlands-based HR consulting firm.
Ajit Issac, Chairman and MD, Quess, said that the acquisition will help the company to get a foothold in the Sri Lanka market, which is seeing a GDP growth rate of seven per cent.
“A lot of global companies have a presence in the region and services contributes to 58 per cent of the company's economy,” he added.
This is the sixth such acquisition in Asia by the company, which is a subsidiary of the $37-billion Fairfax Financial Holdings. “This transaction will also strengthen our position in South Asia, West Asia and South-East Asia,” said Issac. With this acquisition, Quess gets the 400-odd workforce of Randstad Lanka and services around 40 clients in the region.
Issac also believes that regions like Trincomalee and Jaffna, which have been ravaged by years of war, are looking up in terms of attracting investments now.
With this improved scenario, we are confident of growing four times in Sri Lanka, said Issac. Companies like Quess are of the belief that apart from staffing solutions, corporates are increasingly looking at outsourcing non-core areas of their business such as managing facilities, managing assets in heavy industries, logistics, among others.