Zaggle Acquires 51% Stake in Hyderabad Firm EffiaSoft
In a significant move that underscores its commitment to expanding its digital payment and merchant solutions capabilities, fintech firm Zaggle has acquired a 51% controlling stake in Hyderabad-based billing software provider EffiaSoft for over ₹41 crore. This strategic acquisition is expected to boost Zaggle’s growing fintech ecosystem and further cement its position as a major player in the Indian fintech space.
EffiaSoft, which has a strong presence in the Indian market with over 220 employees and 300+ POS partners, is expected to record a revenue of ₹27 crore this fiscal year. The company’s expertise in developing cutting-edge billing software solutions will complement Zaggle’s existing portfolio of digital payment and merchant solutions, creating a powerful synergy that will benefit both companies.
The acquisition is seen as a strategic move by Zaggle to expand its capabilities in the merchant solutions space, particularly in the areas of billing and payment processing. The company’s existing solutions, which include digital payment gateways, wallets, and point-of-sale (POS) systems, will now be bolstered by EffiaSoft’s expertise in developing comprehensive billing software solutions.
“EffiaSoft’s billing software solutions have a strong track record of success in the Indian market, and we believe that their expertise will be a great addition to our portfolio of digital payment and merchant solutions,” said a spokesperson for Zaggle. “We are excited to welcome EffiaSoft to the Zaggle family and look forward to working together to create new and innovative solutions for our customers.”
EffiaSoft’s founders, who will continue to be a part of the company, expressed their excitement about the acquisition and the opportunities it presents. “We are thrilled to be joining forces with Zaggle, a company that shares our vision of creating innovative fintech solutions for the Indian market,” said a spokesperson for EffiaSoft. “We believe that our billing software solutions will complement Zaggle’s existing portfolio of digital payment and merchant solutions, and we look forward to working together to create new and exciting opportunities for our customers.”
The acquisition is also expected to benefit EffiaSoft’s existing customers, who will now have access to Zaggle’s comprehensive range of digital payment and merchant solutions. The company’s billing software solutions are used by a wide range of businesses, including restaurants, retail stores, and hotels, and are known for their ease of use and scalability.
In conclusion, the acquisition of a 51% stake in EffiaSoft by Zaggle is a significant development in the Indian fintech space, and one that is expected to have a positive impact on the company’s growth and expansion plans. With EffiaSoft’s expertise in billing software solutions and Zaggle’s comprehensive range of digital payment and merchant solutions, the company is well-positioned to take advantage of the growing demand for fintech solutions in the Indian market.
Source: https://ascendants.in/business-stories/zaggle-acquires-effiasoft-majority-stake/
