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Ikya Human Capital Solutions an HR solutions company has acquired Magna Infotech (tech staffing firm) based in Hyderabad, for Rs. 100 crore ($22 million).
MMB Legal advised Ikya with a team comprising of Mahesh Madan Bhat and Amrut Joshi along with Ryan Locke.
Tatva Legal advised Magna Infotech with a team led by Partner Ekta Bahl and Anushree Bhog.
As demand for temporary software programmers picks up, outsourcing companies are increasingly looking to avoid adding more staff on their payroll, and are instead sub-contracting projects to companies such as Magna. Already, the Indian contracted staff market is expected to become around $2.5 billion industry in five years, reports the ET.
The Deal Curry reports Magna has around 5,000 staff with nearly 400 different IT skills and the combined entity would make Ikya a 30,000 staff strong manpower firm. Founded in 1997, Magna Infotech has geographical presence in Hyderabad, Bangalore, Chennai, Delhi, Kolkata, Mumbai and Pune.
This is Ikya’s third acquisition. Last year in November, Ikya had acquired Delhi based recruitment firm Coachieve. It also acquired Avon Management services, a facilities management company offering housekeeping and maintenance services.