Allsec Technologies To Merge With Quess Corp. In All-Stock Deal
Last updated on June 24th, 2022 at 01:17 pm
Outsourcing provider company ‘Allsec Technologies’ is going to merge with the Workforce management company ‘Quess Corp.’, as per the announcement on 22nd June.
Allsec Technologies, a provider of business process outsourcing, and Quess Corp, a provider of technology-based staffing and outsourcing services, announced their merger in a joint statement on Wednesday.
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The Board of Directors of Allsec Technologies and Quess Corp. adopted the Scheme of Amalgamation, which calls for the merger of Allsec into Quess, during their separate meetings on June 22, 2022. (Scheme).
Allsec’s subsidiaries will all change to Quess Corp. subsidiaries once the plan goes into action.
According to a joint statement,
“The Board of Directors of Allsec Technologies and Quess Corp. accepted the Scheme of Amalgamation, which among other things provides for the merger of Allsec into Quess (Scheme), during their respective meetings on June 22, 2022.”
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For every 100 shares of Allsec owned by public shareholders, 74 shares of Quess will be distributed.
Merger Requires Clearance
The merger is pending clearance from the –
- Respective Quess and Allsec shareholders and creditors,
- Stock exchanges,
- SEBI,
- the National Company Law Tribunal
and any additional regulatory bodies that may be necessary.
Quess as well as Allsec will proceed to operate separately until the Scheme takes effect.
What Is Allsec Technologies?
Allsec, a pioneer in outsourcing solutions with more than 400 clients in 37 countries, specializes in offering human resource outsourcing services and digital business services.
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What Is Quest Corp.?
Workforce management, global technology solutions, and operating asset management are Quess’ three synergistic platforms.
As a top business service provider in India, Quess uses technology to boost clients’ productivity.
