Draft:Quess Corp

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Quess Corp Limited
FormerlyIKYA Group[1]
Company typePublic
ISININE615P01015
Industry
  • Business services
  • Outsourcing services
Founded2007
FounderAjit Isaac
HeadquartersBangalore, India
Area served
India
Key people
  • Guruprasad Srinivasan (Group CEO)[2]
Number of employees
600,000 (2024)[3]
Subsidiaries
  • Trimax Smart Infraprojects
  • Qtek Systems[4]
Websitequesscorp.com

Quess Corp Limited is an Indian multinational business services company founded by Ajit Isaac.[5] It was established in 2007 and headquartered in Bengaluru, Karnataka.[6] The company provides services in global technology solutions, people services (including general and IT staffing) and logistics, integrated facilities management and industrial asset management.[7]

History

[edit]

Quess Corp company was established in the year 2007.

In 2013, Thomas Cook India, a travel agency acquired Quess Corp with 74% stake in the Quess Corp Limited for ₹256 crore ($47 million) and after the post issue it decreased to 62.6% stake.[8][9]

In 2015, IKYA Group of companies was rebranded as Quess Corp Limited and merged various business under the new company name.[10]

In 2016, the company opened its initial public offering (IPO) in July 2016, and listed in BSE & NSE. The IPO raised ₹400 crore (equivalent to ₹575 crore or US$68 million in 2023) and gained a premium of 57.41% to the issue price of ₹317 on the opening day with an oversubscribed response of 147 times.[11][12][13]

In Oct 2017, the company joint venture with Mumbai-based firm Trimax IT Infrastructure and Services to implement a smart city project in Ahmedabad to create city-wide IT Infrastructure.[14]

Acquisitions

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In 2008, the company acquired Avon Facility Management Services Ltd and started their business services in facility management.[15]

In 2009, the company acquired Delhi-based recruitment firm Coachieve Solutions for an undisclosed amount.[16]

In 2010, the company acquired Hyderabad-based technical staffing firm Magna Infotech for ₹100 crore.[16]

In 2014, the company acquired US-based outsourcing solutions firm MFXchange Holdings Inc. with 49% stake from Fairfax Financial Holdings Ltd.[17] In June, it acquired Chennai-based industrial asset management firm Hofincons Infotech and Industrial Services Private Limited provides electrical, mechanical and instrumentation services and facilities management services.[18] In September, the company acquired the Canada-based IT and engineering professional staffing firm Brainhunter Companies LLC for an undisclosed amount.[19]

In Jun 2015, the company acquired Qatar-based Transfield Services (Qatar) WLL with 49% shares with an undisclosed amount. Transfield Services company services in the oil and gas sector in Qatar and the Indian facility management business in hospitality and healthcare.[20] In the same year, the company acquired the Indian facility management business of American multinational Aramark India Private Limited with an undisclosed amount. Aramark India provides hospitality and healthcare facility management in the nine states of India.[21] In Oct 2015, the company acquired Colombo-based Randstad Lanka Private Limited (Sri Lanka) firm with an undisclosed amount. Ranstad Lanka is a staffing and human resources solutions company[22]

In 2016, the company fully acquired US-based outsourcing solutions firm MFXchange Holdings Inc. with the remaining of 51% stake from Fairfax Financial Holdings Ltd.[23] In Nov, the company invested ₹220 crore (equivalent to ₹316 crore or US$37 million in 2023) in Manipal Integrated Services (MIS) to develop its facility management and catering business.[24] On 1 Dec 2016, the company acquired 74% shares in Inticore VJP Advance Systems Private Limited.[25] In the same month, the company acquired a manned guarding and security solutions business firm Terrier Security Services India with 49% shares with an undisclosed amount.[26][27]

In 2017, the company acquired Hyderabad-based Tata Business Support Services (TBSS) with 51% shares with ₹153 crore (equivalent to ₹215 crore or US$25 million in 2023) from Tata Sons Holding.[28][29] Later, the company acquired Bengaluru-based human resource compliance management firm Simpliance Technologies with 45% shares in cash with Rs 2.50 crore.[30] It also acquired Mumbai-based Vedang Cellular Services Private Limited with 70% shares with an investment of ₹40 crore (equivalent to ₹56 crore or US$6.6 million in 2023).[31]

In 2018, the company acquired MonsterIndia and its business in South East Asia and the Middle East from Monster Worldwide Inc and the Care Business of HCL Services from HCL Infosystems.[32]

In 2019, the company acquired Chennai-based business solutions provider and listed enterprise Allsec Technologies with 61.35% shares with ₹270 crore (equivalent to ₹336 crore or US$40 million in 2023).[33][34]

In 2021, the company invested in Gig economy platform Taskmo of funding ₹10 crore (equivalent to ₹11 crore or US$1.3 million in 2023) with equity and debt as strategic investment.[35][36]

In 2024, the company completely acquired Taskmo with an undisclosed amount.[37][38]

Funding

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In 2008, the company has raised $8 million from private equity funding from India Equity Partners (IEP) and this private equity fund will be invested in India region.[39]

Demerger

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On 4 March 2025, Quess Corp received an approval from the National Company Law Tribunal (NCLT) of Bengaluru branch with the proposed three-way demerger.[40] The three new entities were Quess Corp, Digitide Solutions and Bluspring Enterprises and each of the entities will focus in different verticals of businesses.[41] Quess Corp will continue to operate in its existing business verticals which is workforce management and staffing business.[42] Digitide Solutions will continue with digital technology sector.[43] Bluspring Enterprises with continue with business services and consulting.[44]

Financials

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Year Revenue (In crores) Profits/Loss (In crores) Ref.
FY 2020 7,483.41 [45]
FY 2021 Increase 9,758.50 Increase 2175.09
FY 2022 Increase 12,196.35 Increase 2437.85
FY 2023 Increase 15,571.18 Increase 3374.83
FY 2024 Decrease 13,787.21 Decrease 1783.97


Awards and recognition

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  • Great Place to Work has awarded Quess Corp for three consecutive years from 2022, 2023 and 2024 in the various sections.[46]
  • According to Hurun List of India Top 10 Women Employers in India (2024), the company is listed at 3rd position with 95,725 women employeed within the company.[47]

References

[edit]
  1. ^ "Quess buys Lanka ops of Randstad". The Times of India. 27 October 2015.
  2. ^ "Quess Corp anticipates to close FY25 with double-digit revenue growth". The Hindu Businessline. 30 January 2025.
  3. ^ "Quess Corp's headcount crosses 600,000, joins global league of staffing giants". Economics Times. 30 August 2024.
  4. ^ "'Cloud computing, IT security will become more strategic': Qtek Systems CEO". Forbes India. 24 April 2020.
  5. ^ Khan, Sobia (1 September 2015). "Quess Corp wins IKEA suit for using IKYA brand". The Economic Times. ISSN 0013-0389. Retrieved 20 August 2025.
  6. ^ "Quess Corp news: Quess Corp founder makes the city's costliest property buy at Rs 70k/sq ft". Deccan Herald. Retrieved 20 August 2025.
  7. ^ "Ajit Isaac's String-of-pearls Strategy For Quess". Forbes India. Retrieved 20 August 2025.
  8. ^ Market, Capital. "Thomas Cook (India) provides update on subsidiary - Quess Corp". Archived from the original on 15 July 2016. Retrieved 20 August 2025.
  9. ^ "Thomas Cook to buy majority stake in HR co IKYA for Rs 256 cr". BusinessLine. 6 February 2013. Retrieved 20 August 2025.
  10. ^ Dhanjal, Swaraj Singh (19 January 2015). "Thomas Cook (India) owned IKYA rebrands itself as Quess Corp". Livemint. Archived from the original on 19 December 2017. Retrieved 20 August 2025.
  11. ^ "Blockbuster IPO: Quess Corp offer subscribed 147 times". BusinessLine. 1 July 2016. Retrieved 20 August 2025.
  12. ^ "Bengaluru based HR co Quess Corp eyes Rs 400 cr IPO". The Financial Express. 23 June 2016. Retrieved 20 August 2025.
  13. ^ "Quess Corp makes stages debut, gains 60% vs issue price - BusinessToday". Business Today. 12 July 2016. Retrieved 20 August 2025.
  14. ^ "Quess Corp buys Vedang Cellular". The Economic Times. 26 October 2017. ISSN 0013-0389. Retrieved 20 August 2025.
  15. ^ "Our philosophy is to get into a mid-term acquisition and then grow there: Subrata Kumar Nag, Quess Corp". The Economic Times. 29 June 2016. ISSN 0013-0389. Retrieved 20 August 2025.
  16. ^ a b Mishra, Pankaj (12 November 2010). "Ikya's Issac buys HR co Magna for Rs100 crore". The Economic Times. ISSN 0013-0389. Retrieved 20 August 2025.
  17. ^ Dhanjal, Swaraj Singh (2 January 2016). "Quess Corp. acquires US-based IT services firm MFXchange Holdings". Livemint. Retrieved 20 August 2025.
  18. ^ Dhanjal, Swaraj Singh (19 January 2015). "Thomas Cook (India) owned IKYA rebrands itself as Quess Corp". Livemint. Archived from the original on 19 December 2017. Retrieved 20 August 2025.
  19. ^ Dhanjal, Swaraj Singh (10 July 2015). "Quess Corp appoints three banks to manage IPO". Livemint. Retrieved 20 August 2025.
  20. ^ "Quess Corp signs deal to acquire Sri Lankan arm of Randstad India". The Economic Times. 27 October 2015. ISSN 0013-0389. Retrieved 20 August 2025.
  21. ^ Dhanjal, Swaraj Singh (13 February 2015). "Thomas Cook-owned Quess Corp acquires Aramark India". Livemint. Archived from the original on 12 August 2017. Retrieved 20 August 2025.
  22. ^ Bose, Praveen (27 October 2015). "Quess Seals Pact to Buy Randstad Lanka". The New Indian Express. Retrieved 20 August 2025.
  23. ^ Service, Express News (6 January 2016). "Quess Corp Buys US-based IT Services Firm". The New Indian Express. Retrieved 20 August 2025.
  24. ^ "Quess to put Rs 220 cr in Manipal Integrated Services". The Economic Times. 30 November 2016. ISSN 0013-0389. Retrieved 20 August 2025.
  25. ^ "Quess Corp completes acquisition of 74% equity in Inticore VJP Advance". Money Control. 2 December 2016. Retrieved 20 August 2025.
  26. ^ Market, Capital. "Quess Corp completes acquisition of Terrier Security Services (India)". Archived from the original on 10 December 2016. Retrieved 20 August 2025.
  27. ^ "Quess buys Manipal's facility mgmt biz for Rs 650cr". The Times of India. 30 November 2016. ISSN 0971-8257. Retrieved 20 August 2025.
  28. ^ R, Venkatesan (20 November 2017). "Quess Corp to acquire majority stake in TBSS". BusinessLine. Retrieved 20 August 2025.
  29. ^ "Quess Corp acquires Tata Business support services for Rs 153 crore". The Economic Times. 21 November 2017. ISSN 0013-0389. Retrieved 20 August 2025.
  30. ^ "Quess Corp to buy 45% stake in Simpliance Technologies; stock up 4%". Zee Business. 20 October 2016. Retrieved 20 August 2025.
  31. ^ "Quess Corp Q2 net profit jumps 367%; to acquire 70% stake in Vedang Cellular". Money Control. 20 October 2017. Retrieved 20 August 2025.
  32. ^ "Quess Corp acquires Monster's business across India, SE Asia and Middle East and the Care business of HCL Services". BusinessLine. 31 January 2018. Retrieved 20 August 2025.
  33. ^ "Allsec Technologies merges into Quess Corp". The Hindu. 23 June 2022. ISSN 0971-751X. Retrieved 20 August 2025.
  34. ^ "Quess Corp acquires majority stake in Allsec Technologies". The Times of India. 18 April 2019. ISSN 0971-8257. Retrieved 20 August 2025.
  35. ^ "Quess Corp fully acquires gig economy platform Taskmo after founders exit". Moneycontrol. Archived from the original on 6 April 2024. Retrieved 20 August 2025.
  36. ^ "Taskmo Founders Exit as Quess Corp Finalizes Acquisition Amid 20X Growth". Outlook Business. 4 April 2024. Retrieved 20 August 2025.
  37. ^ Service, Express News (5 April 2024). "Founders of Taskmo exit as Quess buys co". The New Indian Express. Retrieved 20 August 2025.
  38. ^ "Quess Corp enters the gig economy by investing in Taskmo". The Economic Times. 28 January 2021. ISSN 0013-0389. Retrieved 20 August 2025.
  39. ^ Agrawal, Shrija. "Ikya Human Capital buys Magna Infotech for Rs 100cr". Moneycontrol. Archived from the original on 21 September 2017. Retrieved 20 August 2025.
  40. ^ "Quess Corp gets NCLT approval for three-way demerger". BusinessLine. 7 March 2025. Retrieved 20 August 2025.
  41. ^ "Digitide, Bluspring shares list on NSE, BSE after demerger from parent Quess Corp - Check discovered price, other key details". Money Control. 11 June 2025. Retrieved 20 August 2025.
  42. ^ "Quess Corp Demerger: 5 crucial details including record date, shareholding ratio". The Financial Express. 2 April 2025. Retrieved 20 August 2025.
  43. ^ Mohanty, Tamanna (11 June 2025). "Quess Corp demerger turns into a tale in contrast". Fortune India. Retrieved 20 August 2025.
  44. ^ "Quess Corp jumps on NCLT approval for three-way demerger". Business Standard. 7 March 2025. Retrieved 20 August 2025.
  45. ^ Moneycontrol.com. "Quess Corp Profit & Loss account, Quess Corp Financial Statement & Accounts". Archived from the original on 17 November 2021. Retrieved 20 August 2025.
  46. ^ "Quess Corp Limited". www.greatplacetowork.com. Retrieved 20 August 2025.
  47. ^ "India's top 10 largest women employers in 2024-25". The Indian Express. 8 March 2025. Retrieved 20 August 2025.
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Official website