Quess Corp divests entire stake in Simpliance to Aparajitha for Rs120 crore; stock climbs ~2%

7 Oct 2022 , 09:15 AM

Quess Corp Limited announced that it has entered into definitive agreements to sell its entire stake in Simpliance Technologies Private Limited, a digital risk and compliance services company, to Aparajitha Corporate Services and its affiliates.

The transaction is valued at Rs120 crore on a cash and debt-free basis, subject to closing adjustments and fulfillment of the transaction document’s conditions.

Anil Prem D’Souza, Founder & CEO, Simpliance, stated that the company is thrilled to collaborate with Aparajitha to build comprehensive packaged products for its customers across the value chain by smoothly integrating its SaaS Offerings.

Quess’ strategic investment of Rs4.5 crore for its whole 53% equity between Oct-16 and Aug-18 has resulted in an enterprise value of Rs120 crore. While we continue to work on simplifying our organisational structure, we will guarantee that considerable value is extracted from investments made since our IPO, said the company on Thursday.

At around 9.16 AM, Quess Corp was trading at Rs640.65 up by 2% from its previous closing of Rs628.10 on the BSE.

For feedback and suggestions, write to us at [e-mail]