FirstMeridian announces 100% acquisition of CBSI India, an IT staffing business, for a total investment of INR 120 Million. CBSI and its employees will now operate as part of the FirstMeridian group. With presence across Contract Staffing as well as Permanent Recruitment, CBSI works with marquee clients in the IT Service Industry Space. CBSI team in India, led by Poornima Babu, has over the past 15 years built the company into a trusted partner, enabling clients across industries find and work with the right talent.
CBSI (formerly known as Synova) was founded by Raj Vattikuti in 2004, who also founded the Altimetrik Group (US) and Covansys Corp, which was acquired by CSC in 2007.
Sudhakar Balakrishnan, Group CEO at FirstMeridian expressed, ‘We welcome the CBSI India team in to the FirstMeridian family. The acquisition of CBSI enhances our IT Staffing offering and combined with FirstMeridian’s operational excellence and a robust technology-enabled service delivery, we will fortify our presence in the IT services industry.’
Sudhakar also added that amidst the ongoing pandemic, the IT services industry is undergoing several developments and evolving to adapt to COVID-induced remote working scenario. While on one hand, IT organisations are witnessing a slowdown in decision making, there are certain IT segments where outsourcing is anticipated to increase, and FirstMeridian’s commitment to IT Staffing and Managed Services remains steadfast. With this strategic acquisition, we are now fully equipped to fulfil the surge in demand for qualified IT workforce throughout the country.
Tim Manney, President & CFO of CBSI Holding commented that "CBSI India has become a leading IT staffing player in India, working seamlessly with customers and achieving tremendous employee satisfaction. We congratulate the FirstMeridian team on this acquisition. We are confident that under their management CBSI India will achieve even greater heights. “
Anurag Gupta, CEO – Technology Staffing at FirstMeridian, added, ‘While Affluent Global (A FirstMeridian Company) majorly caters to clients in the Products and BFSI sectors, CBSI gives us a unique positioning across its marque clients in the Services/System Integrators space. With these two companies operating as part of FirstMeridian, we will have access to 100+ clients across diverse domains to drive the growth of our IT staffing business.’