Quess Corp to Acquire 74% stake in Inticore VJP
Adds Engineering Solutions to Industrial Asset Management vertical
Bangalore November 28, 2016: Quess Corp., India’s leading integrated business services provider serving over 1300+ customers announced that it has entered into definitive agreements to acquire 74% stake in Inticore VJP Advance Systems Private Limited (“Inticore” or “Company”). Quess’ investment is focused on helping ramp-up and market Inticore’s engineering solutions to aerospace, engineering, defense and oil & gas sectors.
Inticore is the engineering design and solutions subsidiary of Vee J Pee Aluminium Foundry Pvt. Ltd. (“VJP”), a Coimbatore based engineering and manufacturing company founded in 1983. Headed by Sudharsan Manivel, a second generation entrepreneur with a strong technical background and experience in the field of engineering design and solutions. The expertise developed by Inticore has been piloted at leading engineering multinationals with successful results. As a part of the transaction, VJP will transfer orders worth Rs. 100 million to Inticore.
Engineering Solutions is a strategic fit with Quess’ Industrial Asset Management offerings. Through this investment, Quess establishes a foothold in this niche and rapidly growing space. The investment is expected to boost Inticore’s capability in developing engineering solutions and provides synergies in marketing Inticore’s solutions to existing clients of Quess.
Commenting on the investment, Mr. Ajit Isaac, Chairman and CEO of Quess Corp said, “The investment in Inticore enhances Quess’ Industrial Asset Management capabilities, and is in line with our strategic focus on providing value added services to clients. Inticore fits well with our investment philosophy of backing strong management teams in businesses with annuity based revenues that are margin accretive to Quess.”
Commenting on the partnership, Mr. Sudharsan Manivel, Director of Inticore VJP said, “We are excited about this investment from and partnership with Quess. This investment brings scalability, management expertise and market reach to Inticore. Further, we found a good cultural fit between Inticore and Quess’ leadership and we look forward to rapidly scaling up Inticore’s operations.”
Inticore will be managed jointly by the existing key management personnel and Quess. Quess will pay a consideration of Rs. 35 million as fresh equity for a 74% stake.
Closing of the transaction is subject to, inter-alia, fulfilment of certain conditions precedent set out in the agreement between the parties to the satisfaction of Quess, and statutory and regulatory approvals.
This document contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as ”expects”, “plans”, ‘will”, “estimates”, “projects”, or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in such forward-looking statements as a result of various factors and assumptions, which the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, competition, our ability to manage our international operations, government policies, regulations, etc. The Company does not undertake any obligation to revise or update any forward looking statement that may be made from time to time by or on behalf of the Company including to reflect actual results, changes in assumptions or changes in factors affecting these statements.