Lincoln International, a leading global mid-market investment bank, is pleased to announce that PeopleStrong, a portfolio company of Lumis Partners, HDFC Holdings and Withya HR Fund, has in a control deal secured an investment from Multiples Private Equity.
PeopleStrong is one of the fastest growing HR Technology and Solutions companies in India, with over 175 customers spread across all major industries. Its key offerings include SaaS based HR Technology PeopleStrong Alt, powered by a Mobile App and Artificial Intelligence and BPaaS based recruitment process outsourcing and human capital management. The Company has an order book of Rs 500 Cr+ and has been growing at a CAGR of 60% for over a decade. This is one of the largest deals in the fast-growing HR technology industry in India, both in size and scope.
Multiples is a leading India focused private equity firm with over US$1 billion under management. Some of Multiples’ current investments include multiplex company, PVR, e-tailing focused logistics company, Delhivery, apparel brands and textiles major, Arvind, housing finance company, Vastu and leading power exchange, Indian Energy Exchange.
Pankaj Bansal, Founder and CEO at PeopleStrong, expressed excitement to partner with Multiples, stating, “We at PeopleStrong have always been committed to customer satisfaction and technology innovation. With this round of investment, we embark on the next level of growth towards creating version 3.0 of PeopleStrong and we are all excited to have Multiples and HDFC fund with us as we go ahead.”
Pankaj further shared, “Team Lincoln not only brought in the market intelligence in the engagement but also gained in-depth understanding of our business, which is a unique combination to find. They worked as an extended arm of our team; while not being natives but the experts who could advise us the best.”
Sandeep Sinha, Co-Founder and Managing Partner at Lumis, commented, “Lumis first invested in PeopleStrong in 2011 and it has been an incredible journey for us. The outstanding leadership team at PeopleStrong achieved a growth of over 10x in five years, a reality which is unheard of in the HCM space. As Lumis exits PeopleStrong, it hands over the baton to Multiples and wishes them the best for taking PeopleStrong to the next level. Team Lincoln with its reach and expertise delivered a fabulous outcome.”
TN Giridhar, CEO and Managing Director of Lincoln International’s India practice, commented, “We are happy to have had the opportunity to work with PeopleStrong, globally renowned in this space and a clear market leader in HR tech and services in India led by a visionary and dynamic management team. The Multiples team has been a pleasure to work with on this transaction, and we look forward to more such opportunities. This transaction is an excellent milestone for Lincoln International as we continue building a strong franchise in Technology and Business services vertical in India and globally.”
Shivani Nagpaul, India Head of Lincoln’s Technology and Media Group, commented, “It has been very rewarding to work alongside PeopleStrong’s founders and management for this transaction which provides liquidity for shareholders and secures an excellent partner to support the Company’s future growth. This transaction is also special as it relates to working with new age delivery models based on BPaaS and SaaS. We look forward to working with similar Technology companies with exciting growth profiles.”
Lincoln acted as the exclusive financial advisor to PeopleStrong and its shareholders, namely Lumis, HDFC and Withya HR Fund, etc. This included providing advisory expertise and managing the preparatory, marketing, negotiation, due diligence and closing phases of the transaction. Lincoln market leading deal credentials in SaaS and Human Resource Services globally and this transaction saw co-operation between Mumbai, Chicago and UK offices to market the transaction across globally.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and joint ventures and partnering advisory services on a wide range of transaction sizes. With eighteen offices in the Americas, Asia and Europe, Lincoln International has strong local knowledge and contacts in key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest.
More information about Lincoln International can be obtained at www.lincolninternational.com
