HYDERABAD: Close on the heels of acquiring 26% ownership stake in Mumbai-based based digital payments infrastructure player Mobileware for a cash consideration of Rs 15.6 crore, Hyderabad-based B2B fintech SaaS player Zaggle Prepaid Ocean Services Limited on Thursday said it has acquired a controlling stake of over 98.3% stake in Span Across IT Solutions Pvt Ltd for around Rs 32 crore.
Zaggle has acquired 10,66,314 equity shares of face value Rs 10 at a price of Rs 300.80 per share, including a premium of Rs 290.80 per share, for a 98.32% stake in Span Across IT Solutions Private Limited (Span Across), which is known as TaxSpanner.
Span Across will become a subsidiary of Zaggle once the procedural requirements are completed, Zaggle said in a regulatory filing on Thursday. The company had announced the acquisition of a significant minority ownership stake in Mobileware on a post-issue and fully diluted basis late on Wednesday.
TaxSpanner is one of India’s largest income tax preparation and e-filing companies that specialises in providing digital solutions for tax and accounting services and helping businesses in streamlining their tax processes.
Mobileware is a key player in India’s digital payments ecosystem empowering banks, financial services, NBFCs, and all financial institutions with products encompassing NPCI switches, APIs, and their flagship platform – TransXT (also known as ‘Bank In A Box’!).
Zaggle said by integrating Mobileware and TaxSpanner, the company would be able to solidify its position in the SaaS fintech sector, deliver greater value and foster growth for its diverse customer base.
“These strategic investments will not only enhance our offerings but also open up new opportunities to co-develop advanced solutions for our customers,” said Zaggle Prepaid Ocean Services Ltd founder & executive chairman Raj Narayanam.
“With the tax base expanding year after year, we see significant demand for platforms that provide comprehensive solutions for both tax filing and tax savings. With TaxSpanner, we aim to enhance our offerings by delivering a one-stop solution for all taxation needs. We look forward to closely collaborating with the teams at TaxSpanner and Mobileware to accelerate our growth and better serve our customers,” he added.