PeopleStrong, a leading HR solutions provider is about to acquire two mid-size companies with an annual turnover of Rs 30-50 crore each. The firm now wishes to expand its operations by increasing technology-driven products through the unconventional route.
The first organisation is the Gurgaon-based firm bought Grownout, a matchmaking platform and referral hiring company. This they will acquire in an all-cash deal, co-founder and chief executive Pankaj Bansal said. The Grownout is a three years old start-up.
For PeopleStrong, Grownout was the fourth strategic investment after Webpay, Summit HR’s Frontline business and talent assessment company, Wheebox.
The acquisition of this start-up will reinforce PeopleStrong’s existing solution—an HR technology product called PeopleStrong Alt. Grownout’s solution, which is based on machine learning, will become part of the PeopleStrong Alt product suite and its team will join the core product team of PeopleStrong. A Matrix partners-India portfolio company, Grownout was established in 2014 by Sumit Gupta and Harsimran Walia.