STOCK IHC International holding company
This is IHC’s first business acquisition of the year. Image Credit: Shutterstock

Abu Dhabi-based conglomerate International Holding Company (IHC) has acquired a 55 per cent majority stake in recruitment and outsourcing company Reach Employment Services for Dh315 million, it said on Wednesday.

IHC’s first business acquisition of the year comes as the company continues to scale and diversify its investments locally and internationally, including the sector of employment services.

“Employment services are an important part of any community’s economic development strategy, specifically for emerging market and industries. Over the past two years and a half, we have taken successful steps with the employment sector investments through our subsidiary Work Force Holding and with the Reach acquisition, we be increasing our market share in a very targeted manner and investments in employment services which will improve our labour market position,” said IHC CEO Syed Basar Shueb.

In 2022, Reach Employment reported revenue of Dh861 million and a profit of Dh67.5 million.

Founded in 1999, the company has more than 125 existing clients, with an average tenure of 11 years with its top 10 clients.