Hinduja Global Solutions subsidiary completes acquisition of Diversify in Australia

28 Feb 2022 , 12:55 PM

Hinduja Global Solutions Limited subsidiary HGS International Mauritius has completed the acquisition of Diversify Offshore Staffing Solutions Pty Ltd., Australia.

The Board of Directors of HGS International Mauritius had at its meeting held on January 28, 2022, approved entering into a definitive agreement to acquire a 100% equity stake in Diversify Offshore Staffing Solutions Pty Ltd., Australia.

At around 12.56 pm, Hinduja Global Solutions Ltd was trading at Rs1,216.40 per piece down by Rs18.15 or 1.47% from its previous closing of Rs1,234.55 per piece on the BSE.

The company had said in an earlier filing that Diversify is an Australian enterprise, providing value-added BPM services, with delivery operations in the Philippines. It provides differentiated consumer engagement solutions to its impressive roster of over 50 clients, 70% of whom are in the Australia & New Zealand (ANZ) region and the others in the US.

It has had a robust CAGR of 39% over the last 5 years despite the recent pandemic. For year ending 30th June 2022, it is expected to report revenues of around AUD 26.5 million. It is a profitable business and this acquisition will be margin accretive to HGS.

With the acquisition of Diversify, HGS will open up ANZ as a new market, with the addition of a significant number of clients from that region. It will also supplement its portfolio in the US.