The Chennai-based facility services company, Updater Services Private Limited, has acquired a 75% stake in Matrix Business Services, another city-based firm which is operating in the business assurance and background verification services space.
UDS bought out the entire 19.77% stake of Kotak Mahindra Investments and 2.67% of Mahindra & Mahindra Contech. It acquired the balance 52.56% from non- executive shareholders.
According to sources, the acquisition values Matrix a little over ₹50 crore. Following the deal, UDS gets to nominate three representatives on the five-member board of Matrix.
“The acquisition of Matrix will help UDS expand its service range and position it as a complete business services group,” said Raghunandana Tangirala, Founder and Managing Director of UDS.
Founded in 1985, UDS has grown to a leading business services specialist, managing 250 million sqft commercial space across India for about 700 clients with more than 46,000 permanent employees.
Matrix is currently servicing more than 350 customers with over 1,000 employees spread across 70 cities. UDS has a revenue base of around ₹1,000 crore. The revenue of Matrix at the end of March 2018 stood at about ₹57 crore.
Source: The Hindu