USD 3.5 billion Staff Service comes to India

Staff Service, a Japan based USD 3.0 billion Executive Search firm today announced it’s arrival in India. Staff Service has acquired the majority stake in Net Technologies Pvt. Ltd., a leading Executive Search firm in India in an all cash deal. Staff Service provides staffing solutions, outsourcing services, and HR advice to a cross-section of businesses.

Staff Service has more than 5,000 consultants in over 210 offices in the UK, USA, France, Hong Kong, Mainland China, Singapore, Indonesia, Japan and Australia. Between FY 1999 and 2004, the company’s total revenue has grown by 3.4 folds. In fact, the company’s temporary staffing business volume has grown 10 times over the last ten years. This merger provides Staff Service an ideal entry point into the fast growing Indian HR market.

The deal will see Net Technologies renamed Staff Service Net Pvt. Ltd. with 54% stake being held by Staff Service and will be a profit centre under Staff Service umbrella. Nishimura Masahiro will be the Chairman of the Board and Sanjay Salunkhe, CEO Net Technologies will be the Managing Director and COO for the Indian operations under Staff Service Net Pvt. Ltd.

“This merger is a win-win situation for both Net Technologies and Staff Service. While giving Indian companies access to international talent via the global network of Staff Service, it gives Indian talent a platform to reach out to International companies looking to hire for their International offices as well as Indian offices,” said Mr. Nishimura Masahiro, Chairman of Staff Service Net Pvt. Ltd. while announcing the merger.

“Net Technologies has an existing network of people, offices and clients in India. The talent available in India is phenomenal and Indians have been making a mark in the International markets, especially IT. It therefore made perfect sense for Staff Service to acquire major stake in Net Technologies,” observed Sanjay Salunkhe, CEO, Net Technologies.

It is always a challenge for organisations to find the right talent and for job seekers to find the right opening. Staff Service with its worldwide network will provide job seekers an access to opportunities across the world. The current Indian staffing market is worth USD 400 million and is growing exponentially. Staff Service Net Pvt. Ltd. aims to capture 10% over the next five years.

The current client-list of Net includes IBM, i-Flex, Hewlett Packard, Cap Gemini, GE Medical Systems (IT Sector); Standard Chartered Bank, American Express, Barclays Capital, DSP Merrill Lynch, JP Morgan, and KPMG (Banking & Finance); Sanofi, Matrix Labs, Johnson & Johnson, Asian Paints and Dupont (Pharmaceuticals and Chemicals); and Samsung Electronics, Pepsi, Reckitt & Benckiser, Bunge, Colgate Palmolive, ITC, etc. (FMCG & Consumer Durables)

Apart from the current verticals that it already has, Net is entering into demanding and challenging areas of aerospace, oil & gas, construction and retailing. It is also about to enter into the area of temporary staffing and interim management staffing in the near future. Net's vision is to be amongst the top three Executive Search Firms in India in the next three years.

Headquartered in Mumbai with a branch office in Bangalore, Net Technologies has staff strength of 65 executives and is planning to increase it to 100 in next 3-4 months. As Staff Service Net Pvt. Ltd. will be a subsidiary of Staff Service; the employees would have better remuneration, better career growth and would get global exposure. Staff Service Net Pvt. Ltd. will establish offices in Pune, New Delhi and other major metros to add-on to the existing Mumbai and Bangalore offices.

The current management team of Net includes CEO, Sanjay Salunkhe, and Directors Rita Ahuja, Dr. Uday Salunkhe, and Meena Ahuja.

Sourced From : STAFF SERVICE NET