HR investment platform FirstMeridian has announced 100 per cent acquisition of CBSI India Pvt. Ltd., an IT staffing business, for a total investment of ₹120 million. CBSI and its employees will now operate as part of the FirstMeridian group.
CBSI (formerly known as Synova) was founded by Raj Vattikuti in 2004, who also founded the Altimetrik Group (US) and Covansys Corp, which was acquired by CSC in 2007.
“The acquisition of CBSI enhances our IT Staffing offering and combined with FirstMeridian’s operational excellence and robust technology-enabled service delivery, we will fortify our presence in the IT services industry,” said Sudhakar Balakrishnan, Group CEO, FirstMeridian
Amidst the ongoing pandemic, the IT services industry is undergoing several developments and evolving to adapt to Covid-induced remote working scenario, he added.
“CBSI India has become a leading IT staffing player in India, working seamlessly with customers and achieving tremendous employee satisfaction. We congratulate the FirstMeridian team on this acquisition,” said Tim Manney, President and CFO, CBSI Holding.