B2B Marketplace IndiaMART acquires accounting platform Infotech Pvt Ltd
- ByTejika Bajaj | January 26, 2022
B2B (business-to-business) marketplace IndiaMART Intermesh Pvt Ltd has recently signed an agreement to acquire 100 percent stake in the accounting and inventory management platform Infotech Pvt Ltd for a consideration of INR 500 crore.
“Busy has been a well established brand in the Indian accounting landscape for the past 25 years. Their value proposition fits well with Indiamart’s long-term objective of making operations for business easy and effortless in the Indian landscape,” said Dinesh Agarwal, founder and managing director of Indiamart, said in a statement. “This acquisition will help augment 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.”
Founded in 1997, Busy Infotech is one of the largest accounting software companies in the country which has a pan-India presence. In the previous fiscal year ended March 2021, the firm had registered revenue of INR 42.4 crore and a profit after tax of INR 11 crore.
This announcement comes at the back of the B2B company participating in the Series B funding round of Simply Vyapar Apps Pvt. Ltd. Through its wholly owned subsidiary Tradezeal, it is also acquiring 75,000, 0.0001% compulsorily convertible debentures of Legistify, a startup that offers software tools to firms to manage their legal workflows.
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