New Delhi: Human resources company TeamLease Services Ltd on Monday said it agreed to acquire Evolve Technologies, a smaller Pune-based staffing firm, to enter the specialized telecom staffing space.

TeamLease said it would acquire Evolve through its wholly owned subsidiary, TeamLease Staffing Services Pvt. Ltd. The acquisition “will be financed through existing financial resources", the company said in statement.

TeamLease, which has not disclosed the deal value, expects to close the acquisition, subject to conditions and regulatory approvals, by the end of November.

This is the second acquisition by TeamLease since July this year. It had acquired Bengaluru-based ASAP Info Systems Pvt. Ltd for Rs67 crore in July. It had then said that the acquisition would help it expand its footprint in the core IT hiring space.

“The acquisition of Evolve is in line with our long-term strategy of expanding our footprint into specialized areas of staffing," said Ashok Reddy, managing director, TeamLease Services.

“We are excited to be associated with Evolve at a point when the IT infrastructure to support the rapidly expanding telecom user base in the country is undergoing a massive change. TeamLease and Evolve will jointly address the needs of our dynamic telecom market and clients," he added.

India’s telecom sector has generated a lot of attention over the last one year after Reliance Jio Infocomm Ltd entered the sector.

The annual revenue of the telecom sector in India is about Rs2 trillion. It is saddled with a debt of around Rs4.5 trillion. The industry also owes close to Rs3 trillion in spectrum payment charges to the government, according to industry estimates.

Evolve, which posted revenue of Rs108.64 crore in financial year 2016-17, will continue to operate as a separate entity following the acquisition.

TeamLease shares closed at Rs1,610.65 on BSE on Monday, down 0.26% from their previous close. The benchmark index closed at 32,633.64 points, up 0.62%.

Amrit Raj contributed to the story.