Indiamart Intermesh, through its wholly owned subsidiary, Tradezeal Online, has agreed to acquire 11.01% stake of Legistify Services through SSHA signed between the parties.
Legistify Services, via its flagship product Legistrak, offers a SaaS (software as a service)-based ERP tool which allows enterprises to manage their legal workflows. Some of the key features of the Legistrak tool are litigation tracking, notices management, legal vendor management, etc.
Indiamart said that this investment is in line with its long-term objective of offering various SaaS based solutions for businesses. Indiamart Intermesh, through its wholly owned subsidiary, Tradezeal Online intends to invest a total a total cash consideration of Rs 1.30 crore. It will acquire 100 equity shares and 1,146 Compulsorily Convertible Preference Shares (CCPS) (as part of the primary fundraise by the entity) and 1,580 CCPS (from existing investors via a secondary purchase).
The final aggregate shareholding of the company, post this investment, in the said entity would be 11.01% on a fully converted and diluted basis. The announcement was made during market hours today, 30 March 2021.
Shares of Indiamart Intermesh gained 0.27% to Rs 7,803 on BSE.
IndiaMART is India’s largest online B2B marketplace for business products and services. The company makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions.
The company reported 29.35% rise in consolidated net profit to Rs 80.20 crore on 9.2% rise in total income to Rs 198.20 crore in Q3 December 2020 over Q3 December 2019.