Neobank startup ZikZuk Technologies announced the acquisition of Spanacross IT Solutions, known as TaxSpanner.com, for an undisclosed amount.
Delhi-based, TaxSpanner.com caters to over one million users and has a suite of products in its ambit including tax filing, tax advisory, financial well-being etc. and is soon looking to expand its service offerings into Indirect taxes with its products on GST filing and Reconciliation.
Rahul Rasa, co-founder & CEO of ZikZuk will join the board of TaxSpanner.com. The co-founders of TaxSpanner will continue as it is and so would the employees. At present, TaxSpanner would operate as a separate subsidiary. “…over a period of time we will look at merging it with ZikZuk. Part of the Acquisition is already completed, and we expect to wrap up the rest in the next 6 to 8 weeks,” Rasa said.
For ZikZuk, this strategic acquisition will help enhance its overall product offerings and help over 10,000 small businesses become more digitally complaint in phase one.
ZikZuk’s current products like ‘Business Finance Manager’ integrates with MSMEs accounting software, and banking ecosystem and uses its proprietary analytics engine to empower MSMEs with insights on sales, cash flow, payables, receivables, etc. It also enables lenders to make data-driven decisions to provide their contextual credit to MSMEs. The integration of TaxSpanner.com will further enable ZikZuk’s SME customers to seamlessly manage tax filing besides managing banking, payments and automated accounting systems.
“SMEs have been the backbone of socio-economic development in India and this strategic acquisition of TaxSpanner will further help us provide innovative solutions to small businesses across India. The products of TaxSpanner are highly complementary to our current products of ‘Connected Banking’ and ‘Business Finance Manager’ and we further plan to leverage on the expertise of the company and its strong customer base of over one million users. ZikZuk will continue to innovate and build products for the SME segment thereby addressing the problems of Cash flow, Compliance, Credit and Automation. We also slowly plan to expand into the mid-market segment. This important acquisition will further help us accelerate our vision to create a sustainable & scalable financial ecosystem around MSMEs, help them grow their business and also enable founders make data-driven business decisions,” Rasa said.
Sudhir Kaushik, co-founder & CEO, TaxSpanner.Com said, “The development will help us in fulfilling our mission of providing definitive solutions to SMEs and streamline the service delivery process in personal taxation and finance space with minimum human interface.”
