Ecommerce and software services company Infibeam has announced that it is acquiring Snapdeal’s subsidiary Unicommerce, which is an e-commerce management platform for Rs 120 crore. The transaction is expected to close in three-five months.
In its BSE filing, Infibeam said the acquisition will help the company to expand and strengthen its e-commerce web service offerings and capabilities.
Founded in 2012, Unicommerce offers end-to-end e-commerce solutions, including warehouse
management, multi-channel order fulfillment, e-commerce order processing, catalogue management, inventory management, and omni-channel management for both brands and online sellers. It has about 10,000 sellers, brands, e-commerce players as its clients. Infibeam’s BSE filing reads that the line of business of Unicommerce is similar to Infibeam, and that the acquisition would result in growth of merchants and revenues from Infibeam Web Services. Unicommerce’s net worth is pegged at Rs 24.63 crore and it reported turnover of Rs 20.27 crore as on March 31, 2018.
Besides this development, Infibeam’s board has approved the change of company’s name from Infibeam Incorporation Ltd to Infibeam Avenues Ltd. The name change is still subject to shareholders’ and other statutory approvals.
Note that while putting an end to months-long speculations of its merger with Flipkart last year, Snapdeal had said that rather than merging it will bring out Snapdeal 2.0 and work things out. It had said that Snapdeal will sell its non-core assets, and will bring financial self-sustainability. Jason Kothari, Chief Strategy & Investment Officer, Snapdeal had said that the company will focus on its capital and management on its core e-commerce business.
As a part of Snapdeal 2.0 plan, the company sold its logistics arm Vulcan Express early this year to Future Group’s supply chain solutions subsidiary for Rs 35 crore. Last year, it sold its payment arm Freecharge to Axis Bank for Rs 385 crore.