Allsec Technologies announces merger with Quess Corp; stock climbs ~6.5%

23 Jun 2022 , 10:22 AM

Allsec Technologies Limited and Quess Corp Limited, in their respective meetings held on June 22, 2022, have approved the Amalgamation Scheme which provides for the merger of Allsec into Quess Corp.

The merger is subject to approval by Quess and Allsec’s respective shareholders and creditors, stock exchanges, SEBI, the National Company Law Tribunal, and any other regulatory authorities that may be required. Quess and Allsec will continue to operate independently until the Scheme takes effect.

Quess is a leading business service provider in India that uses technology to drive productivity for clients. It has deep expertise in three synergistic platforms: workforce management, global technology solutions, and operating asset management.

Allsec is a global leader in outsourcing solutions, serving over 400 clients in 37 countries. It has extensive experience in providing Digital Business Services and Human Resource Outsourcing.

The Combined Entity (post-merger) will be a larger organization with expanded offerings to market. Given the additional opportunities available in the Combined Entity, the combination would make it easier to attract and retain talent. It will also reduce statutory compliance requirements.

When the Scheme becomes effective, all of Allsec’s subsidiaries will become subsidiaries of Quess. The Combined Entity would be able to participate in large customer RFPs, due to its strong balance sheet.

At around 10.28 AM, Allsec Technologies was trading at Rs458.55 up by Rs27.55 or 6.39% from its previous closing of Rs431 on the BSE. On the other hand, Quess Corp was trading at Rs626 up by Rs9.75 or 1.58% from its previous closing of Rs616.25 on the BSE.