TeamLease, a staffing company based in India, has recently stated that they will be investing Rs 7 crore (~$1M USD) in Avantis, the compliance and regulatory tech firm. The new capital will aid TeamLease in securing its spot amidst the RegTech ecosystem as well as the sector of Compliance and Payroll Outsourcing (CPO).
The deal will enable the opportunity to integrate with various payroll providers and regulators for data processing, straight through filing and record management. While TeamLease continues the DFM (Do it for Me) services in CPO business, all tech-enabled DIY (Do it Yourself) services will be carried out by Avantis.
Avantis has expertise in governance, risk and compliance automation and has helped organizations migrate from manual and people dependent processes to automated, framework based solutions.
The transaction involves a primary investment of Rs 7 crore through CCPS (Compulsorily Convertible Preference Shares) over the next 3 years. The valuation for conversion and purchase of an additional stake by TeamLease is linked to Avantis’s future performance and meeting its milestones.
Infused funds will be primarily used to expand its business into new geographies, strengthen its existing technology and explore new forms of delivery.
Read more here.
Join us in Madrid from the 13th to the 16th of November for the Property Portal Watch Conference.