The private equity unit of global investment bank Goldman Sachs is preparing to buy a controlling stake in PeopleStrong, a company providing HR tech services. Sources have given this information to Moneycontrol on the condition of anonymity. The current ownership of this stake is with Multiples PE.
According to sources, the proposed acquisition will value PeopleStrong at Rs 1,500 crore. PeopleStrong provides services to companies across the entire employee lifecycle from hire to exit, including human capital management, payroll, talent acquisition and management. PeopleStrong is headquartered in Gurugram and has operations in India, Singapore, Thailand, Philippines, Vietnam, Indonesia, Australia, New Zealand and the Middle East.
The company provides tech services to more than 500 big companies in Asia and employs more than 2 million people. Its client list includes AirAsia, Cipla, Kotak Mahindra Bank, Raymond, Paytm and Schneider Electric.
Multiples had bought stake in PeopleStrong for Rs 400 crore from Lumis Partners and other shareholders in 2017. It holds 84% stake in HR Tech Services, while the remaining stake is with the company’s founders and other early investors. Goldman Sachs declined to comment, while an email sent to Multiples PE did not elicit any response.