Business Services
UDS acquires controlling stake in Matrix Business Services
About
Matrix Business Services
Founded in 2003, Matrix is in the business of providing assurance services, claims processing, employee background verifications checks, product and process audits of warehouses, depots, distributors, retail points etc. Head-quartered in Chennai, the Company has 1000+ employees and presence in 70+ cities including 11 branches extending its footprint to over 700+ locations. It caters wide-ranging industries including information technology, ITES, banking, BFSI, retail, FMCG, consumer durables, manufacturing, pharmaceuticals, healthcare, and hospitality.
UDS
UDS is one of the largest integrated facilities management services companies in India with significant presence across integrated facilities management, people and staffing production support services and industrial asset management segments. With an employee base of ~50,000, UDS caters to a clientele list that includes 700+ well-known names across verticals including Airports, Highways, IT/ITES and Business parks, Manufacturing, BFSI, Hospitality, etc.
Background
We are pleased to announce that Updater Services Private Limited (“UDS”), one of the largest integrated facilities management services company in India has acquired a majority stake in our client, Matrix Business Services India Pvt. Ltd. (“Matrix”), a company that provides People, Product, and Process Assurance services for enterprises across different industry segments for better compliance and risk mitigation.
Founded in 2003 by a team of Chartered Accountants, the Company services 350+ clients including 25 of the fortune 500 companies across sectors. Headquartered in Chennai, the Company has 1000+ employees and presence in 70+ cities including 11 branches extending its footprint to over 700+ locations.
The Company was listed by NASSCOM as one of the emerging 50 companies in 2008 and also attracted investment from Kotak Mahindra Investments Ltd (“Kotak”), a subsidiary of Kotak Mahindra Bank Ltd.
As part of the current transaction, the promoters of the Company shall continue to stay invested and work with UDS to build the platform, while other non-operating shareholders including Kotak are exiting the Company.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to the Company and its shareholders. VedaCorp provided comprehensive transaction advisory services, including positioning, buyer identification, negotiation of definitive agreements and transaction structuring leading to the successful closure of the transaction. This is our 12th transaction in the Business Services domain reaffirming our leadership position in this space.
“On behalf of entire Matrix, I appreciate, applaud and thank Veda Corporate Advisors for seamlessly handling this transaction with utmost transparency, integrity and fairness. The team exhibited absolute professionalism right from the start till closure. Well done Team VedaCorp and we are extremely delighted with your services. “
P.C. Balasubramanian
Managing Director, Matrix
“Matrix, promoted by passionate team of CAs, successfully pioneered the concept of providing one-stop integrated solutions for people, product & process assurance services on a Pan-India basis that found instant acceptance & success with large corporates & MNCs. Matrix has built a successful brand in the niche areas of assurance services & its alliance with UDS will further build on the existing platform by cross leveraging both their respective strengths & sector presence”
S. Ganapathiraman
Associate Director, Veda Corporate Advisors