U.S. Company Acquires Randstad's Indian Payroll Business
Tuesday, 17 January 2012, 18:01 IST
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Chennai: US company Automatic Data Processing (ADP) has acquired the Netherland-based Randstad Holding's Indian payroll business for an undisclosed sum to access the high-growth human resources business process outsourcing markets. Randstad's Indian payroll business is handled by its subsidiary Ma Foi Consulting Solutions and has a team of around 200 associates. "This acquisition supports ADP's broader strategy to expand its global footprint in human resources business process outsourcing (HR BPO) across large and developing markets," ADP, a provider of human resource outsourcing, payroll, tax and compliance services, said in a statement Monday. Ma Foi Consulting Solutions offers managed payroll services and social benefits administration to clients across India through a fully customized payroll engine. The company uses this platform to serve approximately 350 multinational and domestic clients. "ADP's acquisition of Ma Foi Consulting Solutions gives us a direct presence in the large and developing Indian market for HR BPO. This acquisition also enhances our ability to meet the needs of our large multinational clients with operations in India," said Mark Benjamin, president, ADP Employer Services International. Rahul Goyal, president of Ma Foi Consulting Solutions, will continue to manage the business for ADP. "ADP has an excellent reputation and track record in the payroll and HR industry around the world. We look forward to strengthening our service offering to domestic and multinational companies operating in the Indian marketplace through increased focus and investment as a result of this strategic combination," the ADP release quoted Goyal as saying.
Source: IANS
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