Fintech SaaS startup Clear acquires compliance platform CimplyFive in its second acquisition of the year
- ByStartupStory | July 7, 2022
Clear, formerly known as ClearTax, an Indian fintech SaaS business, today announced an all-cash acquisition of CimplyFive, a cloud-hosted application that manages company law & SEBI’s listing obligations and disclosure requirement (LODR) compliance.
This is Clear’s second acquisition in 2022, after the March acquisition of Xpedize, an invoice financing platform. Clear has so far completed four acquisitions, including YBANQ in 2021 and Karvy’s GST enterprise in 2020. Clear’s enterprise customers will now have accessibility to compliance risk management software as a result of this purchase.
“This acquisition will not only expand but also strengthen our compliance suite.” “We are devoted to providing comprehensive services to the CFO’s office,” stated Archit Gupta, CEO, and Founder of Clear. Shankar Jaganathan established CimplyFive in 2014, with backing from famous ex-CFOs such as Suresh Senapaty and Mohandas Pai. Fabindia, Premji Invest, Crompton, Tata-Hitachi, TVS Group, Jubilant Group, and Wipro are among its many business customers.
For the time being, the founder and workforce of CimplyFive will operate as an independent platform. CimplyFive will be led by Jaganathan. Companies with global subsidiaries can use this product to ensure compliance.
Since its inception, Clear has acquired $140 million in stock funding. Stripe, Y Combinator, Composite Capital, Elevation Capital, Sequoia Capital, Kora Capital, and Founders Fund are among the investors.
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