B2B e-commerce company Indiamart has acquired 26.01% stake in cloud-based account software firm Adansa Solutions for ₹13.75 crore, the firm announced the acquisition on Monday.
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.
Issuing a statement, Indiamart CEO Dinesh Agarwal said, “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,” he added.
Adansa Solutions under the brand name ‘Realbooks’, offers a cloud based accounting software product for businesses and had turnover of ₹2.6 crore in fiscal 2021.
Source: Mint