Indian frontline workforce management platform BetterPlace is in final talks to acquire Malaysian staffing and recruitment services firm Troopers, sources familiar with the matter told DealStreetAsia. The sources added that the company is expected to make a formal announcement about the acquisition in a week.
TechInAsia first reported about the merger discussions with Troopers, earlier on Wednesday.
The acquisition talks come more than a month after BetterPlace told DealStreetAsia in an exclusive interview that it had bought a majority stake in Indonesia-based job platform MyRobin — its first overseas acquisition.
BetterPlace has, in the past, expressed plans to expand into Malaysia, Thailand, and the Philippines through both organic and inorganic strategies. Its deal with Troopers is part of the plan to expand its geographic footprint.
Founded in 2015, the company provides contract workforce management services, including onboarding, training, and background checks; KYC-based digital employee onboarding services; digitisation of employee records; and skill development training and assessment. It earns commissions based on a fee per employee per month.
BetterPlace has raised a total of $80 million to date in Series A, B, and C rounds. It last raised $40 million in an extended Series C round in December 2022 from Macquarie Capital, Jungle Ventures, Unitus Ventures, British International Investment (BII), Capria Ventures, and 3one4 Capital.
It claims to have recorded a 5.5x year-on-year jump in revenues in FY22 at Rs 275 crore and is looking at a 3x growth in revenues in FY23. As of Q2 FY23, the company has an annual recurring revenue (ARR) of Rs 550 crore.