Spend management company Zaggle Prepaid Ocean Services has acquired a little over 38% stake in payment solutions provider Mobileware Technologies for around Rs 22.85 crore, according to a top company official. In a strategic investment, Zaggle has invested Rs 15.60 crore in Mobileware Technologies to acquire a 26% stake on a post-issue and fully diluted basis, Avinash Godkhindi, managing director and chief executive officer, Zaggle said. In addition, Zaggle has also acquired a 12.34% stake from the promoters of Mobileware for Rs 7.25 crores, taking the total deal value to Rs 22.85 crore.
The stake acquisition in the digital payments company reflects Zaggle's commitment to solidify its position in the SaaS FinTech sector, Zaggle said. The move will enable Zaggle to leverage Mobileware's infrastructure and expertise to enhance its payment solutions, it added.
Satyajit Kanekar, Co-founder of Mobileware Technologies said that the collaboration with Zaggle will help the company invest in technological innovation, product enhancements to provide efficiency, scalability, and security, ensuring superior payments experience for customers.
Zaggle, a spend management player, operates in the business-to-business-to-customer segment offering financial technology products and services.
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