Indiamart Intermesh Limited to acquire stake in Legistify Services Pvt Ltd

Indiamart Intermesh Limited (hereinafter referred as "Company") has indirectly, through its wholly owned subsidiary, Tradezeal Online Private Limited, agreed to acquire 11.01% of the share capital (on fully diluted basis) of Legistify Services Private Limited (herein after referred as "Entity") through SSHA signed between the Parties.

The company, through its wholly owned subsidiary, has agreed to acquire 100 (one hundred) equity shares and 1146 Compulsorily Convertible Preference Shares (CCPS) (as part of the primary fundraise by the entity) and 1580 Compulsorily Convertible Preference Shares (CCPS) (from existing investors via a secondary purchase).

The final aggregate shareholding of the company, post this investment, in the said entity would be 11.01% on a fully converted and diluted basis.

This investment shall be in line with the company's long term objective of offering various Software as a Service (SaaS) based solutions for businesses.

Legistify Services Private Limited, via its flagship product Legistrak, offers a SaaS based ERP tool which allows enterprises to manage their legal workflows. Some of the key features of the Legistrak tool are - Litigation Tracking, Notices Management, Legal Vendor Management, etc.

The total turnover for the entity for the Financial Years ended March 31, 2020; March 31, 2019 and March 31, 2018 is Rs. 1.73 Crores, Rs. 74.19 Lakhs and Rs. 26.38 Lakhs, respectively.

Source : Equity Bulls

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