Indian staffing firm TeamLease Services has acquired stakes in outsourcing services provider TSR Darashaw and HR Tech software solutions Crystal HR and Security Solutions.

TeamLease completed a share purchase agreement on 20 December 2024 to acquire a 90% stake in TSR Darashaw. The company will also acquire the balance stake of 10% in TSR Darashaw going forward in the upcoming financial year, subject to the approval of the company’s Board of Directors and on completion of the various terms and conditions set out in the agreement.

The price of the acquisition of TSR Darashaw is approximately INR 175.2 million (USD 2.0 million).

Darashaw Keki Mehta, director of TSR Darashaw HR Services, said in a press release, “Joining forces with TeamLease allows us to leverage their inherent domain capabilities apart from their top-notch talent to deliver even greater value to our clients. Our collective full spectrum will help our clients to continue to embrace their journey. We are enthusiastic about the opportunities going forward.”

TeamLease also announced its board has approved the acquisition of a 30% stake in Crystal HR and Security Solutions. Post-acquisition, Crystal HR and Security Solutions will be an associate of the company. Crystal’s key product is Wallet HR, an integrated HRMS solution for automating most of the HR functions at organizations.

The company’s board also said it would acquire the balance stake of 70% in multiple tranches, subject to the approval of the company’s board of directors and on completion of the various terms and conditions set out in the definitive agreement.

The price of the acquisition is approximately INR 252 million (USD 2.9 million).

R.S. Raman, Founder and CEO of Crystal HR, said, “We are delighted to see our team, associates, and clients join forces with a market leader like TeamLease, paving the way for future growth and enhanced service delivery. Crystal HR aligns seamlessly with TeamLease’s strategic vision of strengthening client partnerships by offering innovative, differentiated business solutions and delivering talent at scale in the markets we both serve.”

Ashok Reddy, managing director & CEO of TeamLease Services, said, “Our acquisition of TSR Darashaw’s payroll processing business and Crystal HR provides crucial infrastructure for our vision of becoming India’s largest Human Capital Management (HCM) service provider. These transactions enable us to serve over 450 corporates, managing 465,000 payroll records in addition to the 350,000 payroll records already handled within our employment cluster. While Crystal HR offers us a stable, full-spectrum HRMS (HR management system) platform, TSR Darashaw grants access to some of the largest enterprise clients in managed payroll.”