Indian staffing firm TeamLease Services announced that it is increasing its stake in Avantis Regtech, a Compliance Management firm, to 61.5%.

Along with the equity increase, the strategic partnership will be expanded by changing the name of the company and brand to TeamLease Regtech.

On August 2018, TeamLease  announced that it signed an agreement to acquire a stake in Avantis Softech.

TeamLease Regtech will offer a state-of-art web SaaS (Software as a Service) based web and mobile based digital platform to over 1,500 entities, 20,000 enterprise users across 45 industries for the stock and flow of Indian employer compliances.

Ashok Reddy, Managing Director, TeamLease Services, said, “Regtech is important infrastructure for Putting India to Work and in anticipation of the addressable market expanding by 20x , we are excited to expand our partnership with Avantis”. ‘Putting India to Work’ is part of Teamlease’s corporate vision.

Rishi Agrawal, Co-founder & Director, TeamLease Regtech, said, “Corporate India faces rising demands for robustness and transparency in governance, risk and compliance. Traditional manual, ad-hoc, paper-based and people dependent compliance fail to scale. Avantis started in 2015 and entered into a strategic and equity partnership with TeamLease Services in 2018; expanding this partnership was logical as policy makers target multiple ease-of-doing business metrics to expand formal job creation.”