Indiamart Intermesh Ltd., a business-to-business marketplace, has agreed to acquire 100 percent of accounting platform Busy Infotech Pvt. Ltd for a whopping 500 Cr.
TheB2B firm is also a participant in Simply Vyapar Apps Pvt. Ltd.’s Series B funding round. It is also acquiring 75,000, 0.0001 percent compulsorily convertible debentures of Legistify, a startup that provides software tools to firms to manage their legal workflows, through its wholly owned subsidiary Tradezeal.
Busy Infotech, founded in 1997, is one of the largest accounting software companies in the country, with a pan-India presence. In the fiscal year ended March 31, 2021, it had revenue of Rs 42.4 crore and profit after tax of Rs 11 crore.
“Busy has been an established brand in the Indian accounting landscape for the last 25 years. Their value proposition fits well with Indiamart’s long-term objective of making doing business easy for Indian businesses,” said Dinesh Agarwal, founder and managing director of Indiamart, said in a statement. “This acquisition augments Indiamart’s value proposition, and given our large customer base as well as market understanding, we are confident of taking Busy to the next level.”
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