Ciel Group, a staffing firm based in India, successfully concluded the acquisition of Aargee Staffing Services Private Limited, an IT staffing firm based in Chennai, India.

The deal will comprise a share swap and cash deal, however Ciel did not disclose the total value of investments in acquiring the new company.

This acquisition is the fourth acquisition for Ciel Group this year as it gears up for its planned IPO next year.

According to the Times of India, Ciel Group is set to file its draft red herring prospectus by February 2024 which will hit the market by June 2024.

K Pandiarajan, executive chairman said, “In preparation for that we will be making a few additional investments and acquisitions. We are looking at raising INR 500 crore (INR 5 billion or approximately USD 60 million) through the IPO.”

Pandiarajan told CXO Today, “The integration of Aargee Staffing with Ciel Group marks a significant step towards fortifying our tech staffing services to the market and further our IPO plans.”

In addition to his entrepreneurial career, Pandiarajan previously served as Minister of Education/Culture/Youth & Sports for the Government of Tamil Nadu between 2016 and 2021.

Founder and CEO of Aargee Staffing Services Meenakshisundaram Ramachandran and director Seshadri Badrinarayanan, commented on the acquisition, “We are excited to be a part of the Ciel Group, by joining forces with Ciel, we aim to leverage their specialised expertise alongside our seasoned professionals to not only broaden the group’s client base but also to establish a stronger foothold in the market. This strategic partnership will empower us to foster innovation and harness collective strengths.”

Ciel Group also announced that Ma Foi, a Ciel Group company, has successfully launched EzyConsult, a premier gig platform for high-end niche consultants.

Aditya Mishra, MD & CEO of Ciel HR says, “As young India aims to lead the world, Ciel has taken strides to prepare the workforce for tomorrow. Today’s launches enable the business leaders to strengthen their talent capabilities straddling across the hierarchy right from the entry levels to CXOs.”

Pandiarajan added, “We continue to make progress in enriching our talent solutions by bringing innovative ideas to life in the form of EzyConsult, Career Accelerator Programme and CHROs (chief human resources officers) of Tomorrow, each of which will help deliver greater value to businesses in India Inc. and an opportunity to the workforce to adapt to the future challenges.”