According to reports, Goldman Sachs Alternatives' private equity business has acquired a majority stake in Gurgaon-based HR software-as-a-service (SaaS) firm, PeopleStrong.

"We have remained focused on balanced, sustainable growth and are proud to stand out today as one of the few EBITDA-positive SaaS companies with a leading market position. We are excited to join forces with Goldman Sachs. With their global expertise in SaaS (Software as a Service) and AI, we look forward to driving the next phase of our growth together through continued innovation and operational excellence," Sandeep Chaudhary, CEO of PeopleStrong says.

The SaaS company provides an AI-powered human capital management (HCM) platform that includes features like applicant tracking systems (ATS), payroll, employee experience, and talent management.

Its customers consist of Aditya Birla Group, L&T, Cholamandalam, TATA, Mahindra, Kotak Mahindra Bank, HDFC Ergo, Paytm, RBL Bank, HDFC Life, OLA, Air India, Cipla, Schneider, Amara Raja, Indigo, and V-Mart.

As per Tracxn, Multiples PE owned a 84.3 percent share in PeopleStrong, while employee stock options (Esop) made up 9.7 percent of the distributed shares. The founder of the company owns a 2 percent share, while the remaining ownership is held by early backers and angel investors.

PeopleStrong was established by Pankaj Bansal in 2005 and now supports more than 500 companies. It conducts operations in India, Singapore, Thailand, the Philippines, Vietnam, Indonesia, Australia, New Zealand, and the Middle East.

According to the company’s regulatory filings, its total revenue reached Rs 274.5 crore in FY 2024, slightly exceeding Rs 271.7 crore in FY23.

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It announced a net profit of Rs 57 crore for the year ending March 2024, in contrast to a net loss of Rs 84 crore in the same period last year.