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Infibeam acquires custom software developer DRC Systems

Ecommerce and software services company Infibeam has acquired DRC Systems Private Limited, a company which specializes in providing software for enterprise e-commerce and ERP related solutions, the company informed via a notification to the stock exchanges. The acquisition was an all-cash deal worth Rs 6 crore.

DRC Systems has been providing customized solutions for Infibeam’s BuildaBazaar platform which provides cloud-based solutions for merchants. DRC Systems employs 200 software engineers and the company builds customized solutions on proprietary and open source software frameworks. The engineers are expected to join the company following the acquisition.

Infibeam’s merchant base for BuildaBazaar stood at 66,109 merchants for the quarter ended December 2016 (Q3 FY2017), up 4,861 (8%) from 61,248 at the end of the previous quarter. The segment posted revenues of Rs 40.2 crore, a rise of 49% from Rs 27 crore in the same quarter last year. It also posted a profit of Rs 21.39 crore for the quarter, up 55.5% from Rs 13.75 crore in the same period last year.

Infibeam added that DRC Systems is a profitable company and it posted revenue in excess of Rs 10 crores as on February 28, 2017.

CCAvenue acquisition 

Earlier this month, Infibeam entered into a MoU with Avenues India, which runs the payment gateway CC Avenue, to pick up 7.5% stake for Rs 150 crore and will be looking to acquire the company. In May last year, it had invested Rs 45 crore in CC Avenue. “Subsequently, amalgamation of CC Avenue into Infibeam by issuance of fresh shares subject to due diligence and regulatory approvals.” At Rs 150 crore for 7.5%, the deal values CC Avenue at Rs 2000 crore.

Infibeam added that CC Avenue is a profitable company with transaction processing volume of more than Rs 15,000 crore and serving more than 100,000 merchants for their payment solutions to merchants.

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