Indiamart Intermesh has entered into an agreement to acquire 100% paid up capital of ‘Busy Infotech’ (Busy). Subsequent to the said acquisition, Busy shall become the wholly owned subsidiary of the Company. The proposed acquisition would help the company to offer accounting software solutions to businesses in line with its long-term vision of enabling businesses.
The cost of the acquisition is upto Rs 500 crore for acquiring 100% paid up capital in Busy i.e. 45,000 Equity Shares having a face value of Rs 10 each at a premium of Rs 1,11,101. Busy Infotech through its product ‘BUSY Accounting Software’ or ‘BUSY’ offers web-based business accounting solution for the companies.
Indiamart Intermesh is India’s largest online B2B marketplace for business products and services.
