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B2B e-commerce firm Indiamart on Monday announced acquisition of 26.01 per cent stake in cloud-based account software firm Adansa Solutions for Rs 13.75 crore.
As part of the transaction, Indiamart's wholly-owned subsidiary Tradezeal Online Private Limited has acquired shares via a mix of primary and secondary share purchases.
"Unlike existing desktop based software solutions which were designed for traditional businesses, the team at Realbooks has consciously designed a cloud first product which makes it appealing for new age businesses.
"We believe that this investment complements other initiatives we are taking within this space, and are excited to partner with them for their next phase of growth," Indiamart CEO Dinesh Agarwal said in a statement.
Adansa Solutions under the brand name 'Realbooks', offers a cloud based accounting software product for businesses and had turnover of Rs 2.6 crore in financial year 2021.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mon, February 28 2022. 21:01 IST