Infibeam Incorporation Ltd on Monday said that its board has approved the acquisition of Unicommerce eSolutions Pvt. Ltd, owned by Jasper Infotech Pvt. Ltd that runs online marketplace Snapdeal.com, for Rs120 crore.
Snapdeal acquired Unicommerce eSolutions in March 2015. Incorporated in February 2012, Unicommerce is an e-commerce management software provider for warehouse management and omni-channel services.
In a stock exchange filing, Infibeam said, “The acquisition would result in growth in merchants and revenues from Infibeam Web Services. With the acquisition of Unicommerce eSolutions, Infibeam will further expand and strengthen its e-commerce web service offerings and capabilities.”
Unicommerce reported a revenue of Rs20.27 crore in the financial year ending 31 March, the statement said.
“It is one of the few profitable companies in India in the SaaS (software-as-a-service) market providing comprehensive end-to-end e-commerce solutions, including warehouse management, multi-channel order fulfillment, e-commerce order processing, catalogue management, inventory management and omni-channel management for both brands and online sellers,” Infibeam said in the filing.
The deal is expected to be completed in 3-5 months subject to requisite approvals.
Infibeam is engaged in providing software development services, maintenance, web development, e-commerce and other ancillary services. The company went public in March 2016.
On Monday, shares of Infibeam closed 0.21% higher at Rs167.95 per share, while the benchmark Sensex closed 0.84% higher at 35,208.14 points.
Unicommerce is not the only company where Snapdeal is selling its stake. In the last one year, it has sold its stake in two companies.
In January, Snapdeal sold its logistics subsidiary Vulcan Express to Kishore Biyani-led Future Group for $5.5 million (Rs35 crore).
In July last year, Snapdeal sold its digital payments platform Freecharge for Rs385 crore to private lender Axis Bank Ltd.
Snapdeal was started by Kunal Bahl and Rohit Bansal in 2010. It is backed by investors such as Softbank Group Corp., Bessemer Venture Partners, Temasek Holdings, PremjiInvest, Alibaba Group, Nexus Venture Partners and Foxconn, among others.
Source: Mint