FirstMeridian Acquires CBSI India for a Whooping ₹12 Crore
By: Ashwathy Nair
FirstMeridian, a human resources services platform has acquired an IT staffing business, CBSI India for a total investment of ₹12 crores. CBSI along with its employee will now be operating as a part of the FirstMeridian group.
In the last few months, this is the second acquisition by the company as in July, it completed up with the acquihire of the talent acquisition and staffing unit of Cornucopia. It is a firm which serves pharmaceutical and healthcare companies in India. Since the inception of FirstMeridian in mid-2018, it has been successful in acquiring three HR solution providers such as V5 Global, Innovsource, and Affluent Global cutting across different segments in the Industry.
Talking about the acquisition, the Group CEO at FirstMeridian – Sudhakar Balakrishnan said, “With the acquisition of CBSI, it strengthens our IT staffing offering and we will boost our position in the IT services industry, coupled with FirstMeridian’s operational excellence and strong technology-enabled service delivery”.
While IT organizations are observing a slowdown in decision-making, Balakrishnan said: “With this strategic acquisition, we are now completely prepared to meet the increase in demand throughout the nation for skilled IT staff”.
CBSI has both temporary staffing as well as permanent segments of recruiting, along with that it has represented the field of technology services. The company that is formerly known as Synova, was formed in 2004 by Raj Vattikuti, who also founded the Altimetrik Group (US) and Covansys Corp, which was acquired in 2007 by CSC.
Tim Manney, President and CFO of CBSI said that “CBSI India has become India’s leading IT staffing player … We applaud the acquisition of the FirstMeridian team. We are sure that CBSI India will reach even higher heights under their management”.