Staffing company TeamLease Services Ltd on Friday (December 20) said it has signed a definitive agreement to acquire TSR Darashaw HR Services Private.
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In addition, TeamLease’s board has approved a proposal to acquire a stake in Crystal HR and Security Solutions. The transaction is subject to customary closing conditions and regulatory approvals.
TSR Darashaw is recognised as a leading provider of outsourcing services in the industry and has over four decades of expertise. The core competence of TSR Darashaw HR Services lies in delivering value via highly customised payroll processing solutions to multi-locations, and multi-business-unit requirements of clients.
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Darashaw Keki Mehta, Director of TSR Darashaw HR Services, said, “Joining forces with TeamLease allows us to leverage their inherent domain capabilities apart from their top-notch talent to deliver even greater value to our clients.”
Crystal HR is revolutionising workforce management by delivering comprehensive HR Tech software solutions, from hire to retire, under its brand, Wallet HR. These solutions are designed to be configurable, meeting the diverse needs of businesses across industries.
With a strong presence across multiple countries, Wallet HR supports over three lakh users and serves more than 400 customers across various verticals.
RS Raman, Founder and CEO of Crystal HR, said, “We are delighted to see our team, associates, and clients join forces with a market leader like TeamLease, paving the way for future growth and enhanced service delivery.”
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Ashok Reddy, Managing Director and CEO of TeamLease Services, said, “Our acquisition of TSR Darashaw’s payroll processing business and Crystal HR provides crucial infrastructure for our vision of becoming India’s largest human capital management (HCM) service provider.bThese transactions enable us to serve over 450 corporates, managing 465,000 payroll records, in addition to the 350,000 payroll records already handled within our employment cluster.”
Shares of Teamlease Services Ltd ended at ₹2,921.20, down by ₹51.25, or 1.72%, on the BSE.
