Quess Corp to acquire stakes in Terrier, Simpliance & Comtel; shares surge over 12%
Quess Corp shares gained as much as 12.71 per cent in early trade on Thursday. The company on Wednesday post market hours informed stock exchanges that it has entered into a definitive agreement to acquire a 49 per cent stake in Terrier Security Services (India) (Terrier), marking its entry into the manned guarding and security solutions business. With a track record of over 27 years, Terrier is among the leading providers of manned guarding services in India. In addition, Terrier also provides training services for security personnel and electronic security solutions to clients. In a separate filing, the company also announced that it has entered into a definitive agreement to acquire 45 per cent stake in Simpliance Technologies.
At 10.45 am, shares of Quess Corp were trading 10.02 per cent up at Rs 656.70. The scrip opened the day at Rs 611 and had touched a high and low of Rs 672.75 and Rs 609, respectively, in trade so far. Benchmark BSE Sensex was trading 157.26 points, or 0.56 per cent, up at 28,141.63.
Terrier has a pan India footprint with presence across 14 states spanning 60 cities. The company has over 400 clients including marquee names in the Information Technology, Engineering and Automobile Sectors and a deployed head count of over 16,000 guards as on 31st August, 2016. Simpliance is a Bengaluru-based compliance technology firm.
Quess Corp has also entered into a bindining agreement of terms to acquire a majority stake in Comtel Solutions Pte, marking Quess’ entry into the Technology Staffing domain in Singapore. Comtel served around 60 clients and is Singapore’s one of the largest independent staffing companies. Quess and the current Comtel management will work towards rapidly expanding the platform bringing together their respective expertise and local knowhow.