On Thursday, business services provider Quess Corp Ltd sold its entire stake in Simpliance Technologies to human resources compliance services firm Aparajitha Corporate Services for an enterprise value of Rs 120 crore.
Quess Corp has agreed to sell its stake in Simpliance to Aparajitha.

According to a statement, the transaction has an enterprise value of Rs 120 crore on a cash and debt-free basis, subject to closing adjustments and conditions.

“To simplify processes and rationalise business lines in the corporate structure, we have divested our stake in Simpliance Technologies.

For Quess, a strategic investment of Rs 4.5 crore in its 53% stake between October 2016 and August 2018 generated an enterprise value of Rs 120 crore, the company said in a regulatory filing.

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“While we continue to pursue our corporate structure simplification process, we will ensure that significant value is unlocked from the investments we have made since our IPO,” the company added.