Aon Hewitt, the global human resource consulting firm of Aon Plc., has today announced that it has acquired Gurgaon-based assessment and hiring platform CoCubes in an all-cash deal. The financial details of the transaction haven’t been disclosed but the 100-member strong team of CoCubes will become a part of Aon Hewitt upon closing.
This acquisition will enable to one-stop-shop for entry-level hiring assessment solutions in India. This also enables Aon Hewitt to add over two million assessments to its existing portfolio of 20 million assessments, spread across 164 countries.
Commenting on the acquisition, Sandeep Chaudhary, chief executive, India consulting, Aon Hewitt, says,
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.
With its strong client standing and value-aligned leadership, CoCubes is clearly our partner of choice to augment our assessment solutions in India and across other markets in Asia Pacific.
In the official blog post, CoCubes co-founders Harpreet Singh and Vibhore Goyal mention that this acquisition deal came to fruition as Aon Hewitt was actively looking for a partner to build a comprehensive solution in hiring assessments. Both companies had a synonymous thinking which saw employability and job readiness as primary challenges in several markets across Asia Pacific.
Thus, CoCubes decided to jump on the global bandwagon with Aon Hewit because they believe that the company can keep their priorities sorted and attain global reach while maintaining their brand in the market. Post acquisition, the co-founders will continue to lead their business as a separate entity and join Aon Hewitt’s Talent, Rewards and Performance (TRP) vertical.
Harpreet Singh, co-founder and CEO of CoCubes also aired his views over this acquisition:
After spending nine years on building a successful assessment business, we felt it was time to find an organisation to propel our growth further and faster. This is not a deal that happened in 30 days – it took around 730 days, 100 meetings, 200 coffees, 300 beers and 1,000 emails to make this possible.
CoCubes was founded in 2007 with the aim of running assessments to measure employability across all domains – from programming to plumbing. The company currently boasts of working with over 600 corporate clients to conduct entry level and lateral assessments that accommodate over a million candidates on the platform.