SHL buys Aspiring Minds in all-cash deal
NEW DELHI: US-based talent evaluation leader SHL has acquired Aspiring Minds, a Gurugram and San Jose-based AI-powered test and assessment venture, in a largely all-cash deal.
The terms of the buyout, which is expected to close in November, were not disclosed. Sources, however, indicated that the deal size was $80-$100 million (about Rs 567-709 crore). Spokespersons for both companies declined to comment.
Investment bank DC Advisory acted as the financial advisor for the deal.
Aspiring Minds, founded in 2008 by brothers Himanshu and Varun Aggarwal, undertakes cognitive ability, personality, technology and job simulation tests for its clients. “It also provides pre-employment testing, qualified talent sourcing and campus hiring, among others, for its clientele, spread across industries, and includes IT, banking and financial services, manufacturing, healthcare and life sciences, retail and education.
“This acquisition infuses Aspiring Minds' advanced AI technology throughout SHL's portfolio at a platform level and will leverage our rigorous science to enable the technical, emerging and leadership talent required for our 10,000-plus customers to succeed in the digital era,” Andy Bradshaw, chief executive of SHL, said in a statement.
Aspiring Minds, which claims to have over 3,000 clients, counts the likes of online retail major Amazon, mobile operator Airtel, IT company Wipro, as well as Chinese internet search major Baidu, telecommunications giant Verizon and US industrial conglomerate Honeywell, among its clientele.
"Aspiring Minds has scaled rapidly, working with corporations across the US, China, India, the Philippines and the Middle East. We are excited about the opportunity to be part of SHL and take our combined products and solutions to thousands of corporations across the globe,” Himanshu Aggarwal, CEO of Aspiring Minds, said.
The company also has offices in Beijing, Manila and Dubai.
As part of the deal, investors, including the Omidyar Network and Tarun Khanna, the Jorge Paulo Lemann Professor at Harvard Business School, are believed to have scored multi-bagger returns from the sale. Till date, Aspiring Minds has raised an estimated $3 million in funding.
“Aspiring Minds has built and proven a formidable portfolio of AI-powered talent assessment products. With an established presence across the globe, we today work with over 100 Fortune 500 companies. This is not only a recognition of Aspiring Minds but a testament to technology innovation happening in India,” Aggarwal told ET.
Source - https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/shl-buys-aspiring-minds-in-all-cash-deal/articleshow/71715717.cms?utm_source=twitter.com&utm_medium=Social&utm_campaign=ETTWRISE