Private equity (PE) firm Everstone Capital on Wednesday said it has acquired and rebranded the Asia-Pacific payroll processing business of global human resources (HR) firm Aon Hewitt.
Everstone, which focuses on PE and real estate investments in India and South-East Asia, did not disclose the value of the acquisition.
The payroll business, which operated in India, Singapore, China and the Philippines, has been rebranded as Excelity Global, Everstone said in a press release.
With over 400 clients across 17 countries in Asia-Pacific, Excelity Global will provide a range of services in payroll processing and HR management, the company said. The firm processes over nine million payslips annually.
Gurinder Singh, head of Aon Hewitt’s Asia-Pacific payroll business, will continue to serve as the head of the new organization, the release said.
“We have established a formidable payroll business across India, Singapore, China and the Philippines, and we foresee continued strong demand for high-quality payroll solutions in the region,” said Singh, chief executive officer at Excelity Global, adding that the partnership with Everstone will help deliver added value to clients.
“While companies in India are already outsourcing HR functions, in markets such as China outsourcing is quite nascent, but growing rapidly,” said Dhanpal Jhaveri, managing partner (PE) at Everstone Group.
World-class processes, top quality talent and sharp focus on technology- enabled services were some of the key reasons for Everstone investing in the business, said Jhaveri, adding that the firm has seen 20% year-on-year growth in the last couple of years combined with industry-leading Ebitda (earnings before interest, taxes, depreciation and amortization) margins.
“Going ahead, the company will focus on key markets such as India, China and Singapore, while increasing its presence in other Asia-Pacific markets,” he added.
Everstone has also earmarked capital to help the company look at acquisition targets, Jhaveri said.