India-based staffing and HR solution firm Ciel HR Services announced that it has acquired Leap Career Solutions, a talent assessment company also based in India.

Financial details were not disclosed.

Ciel, which has previously announced it would launch an IPO in 2023, has now confirmed it would plan its IPO in Q2 2023.

According to the Business Standard, Ciel HR recorded 80% year-on-year growth in revenue for the first half of the year. Revenue increased to INR 3.82 billion (USD 41.1 million) in H1 from INR 2.12 billion (USD 26.1 million).

Ciel signed an agreement to acquire its complete equity stake in Next Leap, which operates as the Jombay brand, in tranches. The acquisition will strengthen Ciel’s position as a workforce solutions company leveraging technology, the company said.

Aditya Narayan Mishra, Managing Director & CEO, Ciel HR Services, told Business Today, “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.”

Ciel added that it is also in talks to acquire two other professional staffing companies before its IPO.