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Navigos sells payroll outsourcing unit
Recruitment services provider Navigos Group Ltd has announced the sale of its payroll outsourcing business to KCS Ltd.
KCS, formerly the corporate services division of KPMG and Grant Thornton, is an independent provider of corporate accounting, corporate secretarial, payroll outsourcing and trust and estate administration services.
The business began operating under the management of KCS from Tuesday.
Jonah Levey, Navigos CEO, said Navigos' entire payroll outsourcing team will join KCS as part of the acquisition, and the sale of this business will have no impact on the group's other business operations.
The transaction is part of Navigos Group's ongoing effort to streamline its operations and focus on its core business of recruitment services, the company said in a press release.
Navigos had also announced recently that it was exiting other non-core services such as human resource (HR) consulting, salary survey and labour outsourcing.
"Recruiting has long been our core strength and largest revenue and profit centre. We were providing other HR services because of client demand, however it is now appropriate to focus on the single service of recruitment," he said.
The group will give up more than VND38 billion (US$2 million) in annual revenues as a result of this strategic decision, but it says that it believes market leadership must be measured in quality of service, not amount of revenue.
Levey said the groups' recruitment brands including VietnamWorks.com, Navigos Group Executive Search and Caravat.com have achieved market dominance and they do not want to divert their resources from providing excellent service in their core operations.
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