Daily NewsView All News
The US company Automatic Data Processing (ADP) has acquired Randstad’s payroll business in India for an undisclosed sum. By expanding into India, ADP will gain access to the fast growing human resources business process outsourcing market (HR BPO) on the subcontinent.
Randstad's Indian payroll business is managed by the company’s subsidiary Ma Foi Consulting Solutions and has a headcount of around 200 associates.
ADP president Mark Benjamin said, "I am very pleased to take our longstanding partnership with Ma Foi to the ownership phase. ADP’s acquisition of Ma Foi Consulting Solutions gives us a direct presence in the large and developing Indian market for HR BPO. This acquisition also enhances our ability to meet the needs of our large multinational clients with operations in India.”
ADP, which boasts a global revenue of 10 billion US Dollars, is a leading provider of human resource outsourcing, payroll, tax and compliance services with about 570,000 clients worldwide. Ma Foi Consulting Solutions serves approximately 350 domestic and multinational clients, offering payroll services and social benefits administration through a fully customized payroll engine. The companies have been working together since 2009, both promoting ADP’s so-called streamline services.
The current president of Ma Foi Consulting Solutions, Rahul Goyal, will continue to manage the business for ADP.
Mr Gopal said, "ADP has an excellent reputation and track record in the payroll and HR industry around the world. We look forward to strengthening our service offering to domestic and multinational companies operating in the Indian marketplace through increased focus and investment as a result of this strategic combination."
The sale of Ma Foi Consulting Solutions is one of a number of recent divestments Randstad has completed. The recruitment giant also exited Angola at the start of the year, by selling its subsidiary Select Vedior Lda to its management. At the end of 2011 Randstad finalised the divestment of Yacht Teccon's Aerospace business. Overall these transactions do not have any material impact on the results or financial position of the Randstad Group.