Allsec Technologies to merge with Quess Corp in an all stock deal

Business process outsourcing firm Allsec Technologies will merge with technology-enabled staffing and outsourcing services firm Quess Corp in an all-stock deal, the companies said in a joint statement on Wednesday.

Upon the scheme becoming effective, all the subsidiaries of Allsec will become subsidiaries of Quess.

"The Board of Directors of Allsec Technologies and Quess Corp in their respective meetings held on June 22, 2022, have approved the Scheme of Amalgamation which inter alia provides for the merger of Allsec into Quess (Scheme)," the joint statement said.

Public shareholders of Allsec will receive 74 shares of Quess for every 100 shares held in Allsec.

Allsec, with more than 400 clients across 37 countries, is a global leader in outsourcing solutions with expertise in providing digital business services and human resource outsourcing services.