Infibeam acquires cloud ERP solutions provider DRC Systems
AHMEDABAD: Infibeam Incorporation Ltd, India's first listed e-commerce entity has signed memorandum of understanding (MOU) to acquire DRC Systems Pvt Ltd through its wholly owned subsidiary NSI Infinium Global Pvt Ltd, according to a stock exchange filing.
Last month, Infibeam acquired CC Avenues, a digital payment gateway company, for an expected valuation of Rs 2000 crore. Infibeam already owns 3.85% stake in CC Avenue through its subsidiary NSI Infibeam Global, acquired another 7.5% stake in it by investing Rs 150 crore.
DRC Systems provides cloud ERP (enterprise resource planning) solutions and develops customized software for e-commerce applications. Infibeam has been engaging its services to provide customized BuildaBazaar solutions for their merchants in domestic and international market. BuildaBazaar, a distributed market place platform of Infibeam, is used by more than 66,000 merchants as on quarter ended December 2016.
"Through this acquisition, Infibeam and DRC Systems will be able to jointly serve an ever-growing needs of customers in customizing their e-commerce platforms," said Vishal Mehta, MD, Infibeam.
After the acquisition of DRC Systems, the software team will grow by an additional 200 developers and technology professionals. DRC System is a profitable entity with revenue in excess of Rs 10 crore as on Feb 28, 2017.
Last month, Infibeam acquired CC Avenues, a digital payment gateway company, for an expected valuation of Rs 2000 crore. Infibeam already owns 3.85% stake in CC Avenue through its subsidiary NSI Infibeam Global, acquired another 7.5% stake in it by investing Rs 150 crore.
DRC Systems provides cloud ERP (enterprise resource planning) solutions and develops customized software for e-commerce applications. Infibeam has been engaging its services to provide customized BuildaBazaar solutions for their merchants in domestic and international market. BuildaBazaar, a distributed market place platform of Infibeam, is used by more than 66,000 merchants as on quarter ended December 2016.
"Through this acquisition, Infibeam and DRC Systems will be able to jointly serve an ever-growing needs of customers in customizing their e-commerce platforms," said Vishal Mehta, MD, Infibeam.
After the acquisition of DRC Systems, the software team will grow by an additional 200 developers and technology professionals. DRC System is a profitable entity with revenue in excess of Rs 10 crore as on Feb 28, 2017.
