B2B e-commerce firm Indiamart Intermesh will acquire a 26.23 per cent stake in Agillos E-commerce for Rs 26 crore in an all-cash deal to boost its software as a service portfolio, according to a regulatory filing.
The deal is expected to be closed before September 16, the filing said.
"IndiaMART InterMESH Limited has indirectly through its wholly owned subsidiary, Tradezeal Online Private Limited, agreed to acquire 26.23 per cent of the share capital (on fully diluted basis) of Agillos E-Commerce Private Limited (AEPL)," the filing said.
The investment shall be in line with the Indiamart Group's long-term objective of offering various Software as a Service (SaaS) based solutions for businesses, it added.
"AEPL, under its brand name 'Aerchain', is in the business of offering SaaS based solutions for businesses to automate their procurement operations. Aerchain seamlessly connects relevant stakeholders, brings visibility, improves efficiency and spreads intelligence across the entire source to pay lifecycle of enterprises," the filing said.
AEPL has seen a sharp dip in revenue from Rs 4.9 crore in financial year (FY) 2019 to Rs 29 lakh in FY '2020, according to the filing.
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Indiamart Intermesh recorded a net profit at Rs 88 crore and consolidated revenue of Rs 182 crore in the first quarter ended June 30, 2021.