Human resource solutions provider CIEL Group on Tuesday said it has acquired a strategic stake in Courseplay, a Mumbai-based leading global learning experience platform.
This move is in line with Chennai-based CIEL’s plan to go public in 2024-25 and its transformation into a technology-led HR solutions provider, the executive search and staffing firm said in a statement.
Courseplay focuses on skill-based employee development for market leaders in diverse sectors and serves more than a million employees globally. The company offers a 360-degree approach, integrating on-the-job, social and formal learning for large corporations and startups.
CIEL plans to strengthen its HRTech offering through the integration of Courseplay with its HRTech platforms such as ProSculpt, HfactoR, Jombay and CielJobs, the statement said.
“The acquisition is a pivotal step in our journey towards emerging as one of the most respected tech-led HR solution providers in the world,” said K Pandiarajan, executive chairperson of CIEL Group. “With our sights set on IPO in FY25, this strategic move reinforces our dedication to driving growth and innovation in the HR space. Together with Courseplay’s AI-powered platform, we are poised to transform the employee learning experience and elevate our position as the top player in the industry.”
With artificial intelligence (AI) rapidly influencing the HR and recruitment segments, CIEL recognises the opportunities for AI integration at every stage of the employee lifecycle, Pandiarajan said. From validating candidate profiles to enhancing retention and managing separations, AI is poised to become an indispensable component of the company’s recruitment and HR practices, he said.
CIEL has shifted its focus towards HRTech, and its HRTech revenue increased 64% in the third quarter of this financial year.
Aditya Narayan Mishra, managing director CIEL HR Services, said, “As we continue to focus on HRTech and drive growth in this dynamic sector, the acquisition of Courseplay marks a significant milestone for CIEL. As the tech landscape is constantly evolving, so are the skills in demand. CIEL sees this as an opportunity to transform the talent landscape by facilitating upskilling across the globe.”
Courseplay founder Arjun Gupta said, “This is a natural next step in our journey, one that will allow us to amplify our impact on a global scale.”
Learning and development landscape is undergoing a seismic shift, he said, adding, “Our research indicates that the global corporate eLearning market is expected to reach a staggering $38.5 billion by 2026, driven by factors like remote workforces and the ever-evolving skill demands of the modern workplace. Courseplay foresaw this trend early on, and we developed a dynamic platform that empowers businesses to create engaging and effective learning experiences for their employees. CIEL’s reach and resources will propel Courseplay to even greater heights,”
Rajiv Krishnan, managing director of CIEL Skills & Careers, said, “ProSculpt, our college skilling platform is gaining traction among institutions keen on making the students industry-ready for employment and their faculty members coming closer to the industry. Secondly, Helevate our HR finishing school programme for MBA students with HR specialisation is rising in popularity and has a national footprint now. In both these cases, we see Courseplay being a strategic fit in the overall scheme of things and keeping both the platforms ahead of the curve in the market.”
Moxie Capital acted as the exclusive financial adviser to Courseplay. Hreem Legal and NovoJuris were the legal advisors; Proficio and Aeka were the tax advisors for the transaction.
Source: Economic Times