Business services provider Quess Corp on Wednesday said it has agreed to divest its wholly-owned subsidiary Qdigi Services to device-care provider Onsitego for Rs 80 crore.
Quess will receive total cash consideration of Rs 80 crore, subject to customary closing adjustments, and will acquire a minority stake in Onsitego
Business services provider Quess Corp on Wednesday said it has agreed to divest its wholly-owned subsidiary Qdigi Services to device-care provider Onsitego for Rs 80 crore.
As part of the transaction, the entire team and business of Qdigi will be transferred to Onsitego and the transaction is expected to be completed over the next 2-3 months, Quess Corp said in a statement.
Quess will receive total cash consideration of Rs 80 crore, subject to customary closing adjustments, and will acquire a minority stake in Onsitego.
"In line with the Corporate structure simplification process of business lines, we have divested our stake in Qdigi. Quess Corp helped the Qdigi team to scale and create an unparalleled pan India customer reach and service capabilities.
"We believe that going forward the Qdigi business is complementary to the offerings of Onsitego, while Onsitego will provide the platform for the next level of growth in the Qdigi business," Quess Corp ED and CEO Guruprasad Srinivasan said.
Integration of Qdigi services with Onsitego will help both businesses accelerate growth and create a more enriching service experience for our customers, said Deven Sharma, CEO, Qdigi Services.
"The acquisition of Qdigi will further add to our service capabilities and market offerings. While we will expand Qdigi's existing relationships, we are also looking to target new OEM partners and retailers to accelerate growth.
"I am sure together we will be able to create India's largest and the most customer-obsessed service company," Onsitego founder and CEO Kunal Mahipal added.