<p class="title">Ahmedabad-based Infibeam on Monday said it will acquire Snapdeal's subsidiary Unicommerce, which offers ecommerce enablement software, in a deal worth up to Rs 120 crore.</p>.<p class="bodytext">"Under the agreement, Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 120 crore, subject to shareholders' approval," Infibeam said in a statement.</p>.<p class="bodytext">In a BSE filing, the ecommerce firm said its board had approved acquisition of the entire share capital of Unicommerce from existing shareholders -- Jasper Infotech (which operates Snapdeal) for a consideration "other than cash".</p>.<p class="bodytext">"Through Unicommerce, we plan to boost our ecommerce enablement capabilities and expand the product offerings for existing clients... This acquisition would help us further create a comprehensive ecommerce solution by offering extended capabilities to transact with other leading online marketplaces," Infibeam Managing Director Vishal Mehta said.</p>.<p class="bodytext">He added that the deal will also be pivotal for the growth of the company's fast growing GeM (Government e-Marketplace) business.</p>.<p class="bodytext">"We are deeply committed to the growth of Unicommerce, fully support the current management team and plan to further invest in the business," he said.</p>.<p class="bodytext">Jason Kothari, chief strategy and investment officer at Snapdeal, said the sale of Unicommerce is a "continuation of the Snapdeal 2.0 plan to divest and focus on our core consumer e-commerce business".</p>.<p class="bodytext">The transaction is expected to close in three-five months.</p>.<p class="bodytext">Last year, Snapdeal dumped a $950-million takeover offer from Flipkart, with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market.</p>.<p class="bodytext">As a part of this Snapdeal 2.0 plan, it has sold its payment services unit Freecharge to Axis Bank for Rs 385 crore, while its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore.</p>.<p class="bodytext">According to Infibeam's filing, Unicommerce eSolutions had a net worth of Rs 24.63 crore and turnover of Rs 20.27 crore as on March 31, 2018.</p>.<p class="bodytext">Founded in 2012, Unicommerce offers ecommerce enablement software for warehouse management and omni-channel services and has over 10,000 sellers, brands and online retailers as its clients.</p>.<p class="bodytext">"The line of business of the target company (Unicommerce) is similar to Infibeam... The acquisition would result in growth in merchants and revenues from Infibeam Web Services," the filing said.</p>.<p class="bodytext">Besides, the board has approved change in the name of the company from Infibeam Incorporation Ltd to Infibeam Avenues Ltd, subject to shareholders' and other statutory approvals. </p>
<p class="title">Ahmedabad-based Infibeam on Monday said it will acquire Snapdeal's subsidiary Unicommerce, which offers ecommerce enablement software, in a deal worth up to Rs 120 crore.</p>.<p class="bodytext">"Under the agreement, Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 120 crore, subject to shareholders' approval," Infibeam said in a statement.</p>.<p class="bodytext">In a BSE filing, the ecommerce firm said its board had approved acquisition of the entire share capital of Unicommerce from existing shareholders -- Jasper Infotech (which operates Snapdeal) for a consideration "other than cash".</p>.<p class="bodytext">"Through Unicommerce, we plan to boost our ecommerce enablement capabilities and expand the product offerings for existing clients... This acquisition would help us further create a comprehensive ecommerce solution by offering extended capabilities to transact with other leading online marketplaces," Infibeam Managing Director Vishal Mehta said.</p>.<p class="bodytext">He added that the deal will also be pivotal for the growth of the company's fast growing GeM (Government e-Marketplace) business.</p>.<p class="bodytext">"We are deeply committed to the growth of Unicommerce, fully support the current management team and plan to further invest in the business," he said.</p>.<p class="bodytext">Jason Kothari, chief strategy and investment officer at Snapdeal, said the sale of Unicommerce is a "continuation of the Snapdeal 2.0 plan to divest and focus on our core consumer e-commerce business".</p>.<p class="bodytext">The transaction is expected to close in three-five months.</p>.<p class="bodytext">Last year, Snapdeal dumped a $950-million takeover offer from Flipkart, with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market.</p>.<p class="bodytext">As a part of this Snapdeal 2.0 plan, it has sold its payment services unit Freecharge to Axis Bank for Rs 385 crore, while its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore.</p>.<p class="bodytext">According to Infibeam's filing, Unicommerce eSolutions had a net worth of Rs 24.63 crore and turnover of Rs 20.27 crore as on March 31, 2018.</p>.<p class="bodytext">Founded in 2012, Unicommerce offers ecommerce enablement software for warehouse management and omni-channel services and has over 10,000 sellers, brands and online retailers as its clients.</p>.<p class="bodytext">"The line of business of the target company (Unicommerce) is similar to Infibeam... The acquisition would result in growth in merchants and revenues from Infibeam Web Services," the filing said.</p>.<p class="bodytext">Besides, the board has approved change in the name of the company from Infibeam Incorporation Ltd to Infibeam Avenues Ltd, subject to shareholders' and other statutory approvals. </p>