Aon Hewitt buys hiring assessment firm CoCubes
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New Delhi: Aon Hewitt, the human resource consulting firm of Aon Plc., on Monday said it has bought CoCubes, a hiring assessment company based in India.
The transaction will help Aon Hewitt add two million assessments to its portfolio of 20 million across 164 countries. Assessment is a measurement of talent that is used to evaluate the degree to which an individual has the knowledge, skill, and/or ability required for success on a job.
Aon said the acquisition was through an all-cash deal, and all 110 CoCubes employees will now be a part of Aon Hewitt.
The company declined to provide financial details.
“We were actively looking for an organization that focuses on employability assessments. CoCubes stood out for us as a successful start-up with its profitable growth, resilient leadership team and an innovative technology platform,” said Sandeep Chaudhary, chief executive, India consulting, Aon Hewitt.
Over 12 million people join the workforce every year in India. The assessments market in the country is valued at $200-250 million and is set to grow at nearly 25% annually for the next five years.
CoCubes founders Harpreet Singh and Vibhore Goyal will continue to lead the business as a separate practice line, and will join Aon Hewitt’s talent, rewards and performance vertical, reporting to Nitin Sethi.