Goldman Sachs’ private equity arm is apparently seeking to purchase a majority position in PeopleStrong, a provider of HR technology services held by Multiples Private Equity.
According to a Moneycontrol report, the transaction is worth approximately Rs 1,500 crore. The acquisition will strengthen Goldman Sachs’ portfolio in the Asian technology-enabled services area.
Multiples PE owns an 84% ownership in PeopleStrong, which it bought from Lumis Partners and other stockholders for Rs 400 crore in 2017.
Gurugram-based PeopleStrong provides HR technology solutions that cover every stage of an employee’s lifecycle, from hiring and onboarding to exiting. Its solutions include not just talent acquisition and management services, but also payroll, human capital management, and collaboration tools.
In addition to India, the corporation has operations in the Philippines, Vietnam, Thailand, Singapore, Australia, New Zealand, and West Asia. It currently serves over 500 Asian firms, including significant names like Paytm, Raymond, Schneider Electric, Cipla, Kotak Mahindra, and AirAsia.
PeopleStrong bought PayReview, a pay and compensation technology platform, for full cash and equity in early 2022. Previously, in 2018, PeopleStrong purchased Grownout, a Gurugram-based B2B SaaS referral network. This acquisition strengthened PeopleStrong’s SaaS HR platform, PeopleStrong Alt. Powered by machine learning, its solutions included sourcing, matchmaking, offer generation, and even onboarding.
