Amid IPO plans Netcore eyeing another $100 million acquisition

Industry:    2 months ago

Netcore Cloud will start the process of making filings for its Initial Public Offering (IPO) in two months, Rajesh Jain, the founder and group managing director of the bootstrapped Software as a Service company, told ET.

The firm is also looking to make several acquisitions, including one upwards of $100 million and multiple smaller ones, in its bid to widen its software offerings ahead of the IPO in the first quarter of the next calendar year.

Jain said the company was focusing on product analytics, customer data platforms, email intelligence and loyalty for the acquisitions. These segments have drawn large investments as digital businesses scout for software that can give insights into customer behaviour.

In the wake of higher adoption of digital technologies after the Covid-19 pandemic, there is a scramble for SaaS software that can help companies — from retail to airlines —have a clearer understanding of customer preferences.

Netcore said last week that it had bought US-based Unbxd Inc for its search capabilities.

Over the last three years, the Mumbai-based company has also made strategic investments, picking minority stakes in ANS Commerce, ProfitWheel, Easyrewardz, and Comsense, as part of a larger play to invest in customer experience-focused startups in the digital space.

Jain said the size of the planned acquisition would be above $100 million, reflecting its drive to have more products and integrations as the company goes public in India.

“We already have multiple opportunities at various stages of evaluation: a mix of acquisitions and investments,” he added.