IPO-headed workforce and skilling solutions firm CIEL HR Services on Thursday announced picking up a majority stake in a managerial talent assessment platform, launched a campus tech platform as well as an updated version of its mobile-based recruitment platform as the HR services industry is seeing increasing tech adoption, especially after the pandemic.
As Covid-19 showed companies that remote, online hiring could be efficient, cost-saving and done at scale, now there’s a SaaS (software-as-a-service) platform available for almost every conceivable people function because of several start-ups trying to solve for all possible gaps in the hire-to-retire employee journey.
CIEL, which has set its sights on an IPO by September 2023, said its revenue grew 80 per cent year-on-year during April-September 2022 to Rs 382 crore and that its plans to make two more acquisitions soon.
In the latest announcement, the Ma Foi group firm has acquired a 76.33 per cent stake in Jombay parent Next Leap Career Solutions Private Limited, with an agreement to acquire the remaining in two years. More than 500 marquee organisations use Jombay’s technology solutions to identify and build managers and leaders. Every year, more than 200,000 managers and leaders go through Jombay’s Assessments & Development programs, the firm said.
“This acquisition, in line with our IPO plans, is part of our strategic vision to expand our technology-led offerings in the HR services domain. Moreover, it will complement our existing subsidiary Integrum Solutions operating in HR technology space and will help us expand our client portfolio in the market. With this acquisition, we penetrate deeper in the market and expand our margins,” said Aditya Narayan Mishra, Managing Director & CEO - CIEL HR Services.
“This will help Jombay further expand its customer footprint and market penetration of its product portfolio mix across Talent Management, Capability building, Talent Identification and Succession Planning,” said Next Leap Career Solutions (Jombay) CEO Mohit Gundecha.
As fresher hiring has been on the rise, CIEL launched a campus tech platform ProSculp to connect students, faculty members, institutions and industry for final placements and internships. The platform offers upskilling courses, assessments and planning of learning journey towards higher job-related knowledge and skills. It also announced an updated version of its mobile based recruitment platform HfactoR 2.0 which offers complete lifecycle of recruiting till separation.
After the rollercoaster of WFH, Great Resignation, moonlighting to mass layoffs and rising popularity of side gigs, HR experts see the workforce and the job market as drastically changed after the pandemic. Recently, the three decade-old job discovery portal Monster.com rebranded and transformed itself into a talent management platform ‘foundit’ to a cater to a “highly dynamic job market, skill-based hiring and changing expectations from career”.
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