IndiaMART InterMESH Ltd has taken full control of an accounting software provider, making it a wholly owned subsidiary, while Kaynes Technology India Ltd has struck a deal to acquire a Canadian electronics company.
Mumbai-listed IndiaMART said it has bought the remaining shares of software-as-a-service (SaaS) company Livekeeping Technologies Pvt Ltd for Rs 26.78 crore ($3.1 million) in cash, according to an exchange filing.
IndiaMART said the transaction is in line with its long-term goal of offering various SaaS-based solutions for businesses. The latest transaction follows the company's acquisition of a 51% stake in Livekeeping in 2022 for Rs 46 crore in cash. All in all, IndiaMART spent nearly Rs 73 crore to buy Livekeeing.
Livekeeping provides users of accounting software like Tally with desktop-based digital integration with on premise accounting software which syncs the data automatically to its application. This enables the user to view their accounting data on their mobile as well as website. Businesses can access, analyse and share accounting information like sales, receivables, outstanding payments in real time through the application. The company was founded in 2014.
According to the filing, Livekeeping ended the financial year in March with revenue from operations of Rs 2.35 crore, compared with Rs 45 lakh in the preceding year. Its profit for FY25 wasn't available but its net loss jumped to Rs 8.8 crore in the financial year 2023-24 from Rs 3.2 crore the year before, according to VCCEdge.
Meanwhile, Mysore-based Kaynes said in a separate filing that it will acquire 100% stake in Canadian electronics manufacturing services company August Electronics Inc. The deal will close by the end of May 2025 and will be subject to customary approvals. The terms of the deal were not disclosed.
The deal aligns with Kaynes' strategy of bolstering its North American footprint and global expansion by enhancing localized manufacturing, supply chain agility, and engineering capabilities. This also adds key segments like oil and gas, energy, telecom, and factory instrumentation to its offerings, Kaynes said.
“August Electronics has strong relationships with large customers with significant electronics demand, wherein they fulfilled certain portions in Canada with large portions serviced through supply chains in China," said Ramesh Kannan, managing director, Kaynes Technology.
"The combined capabilities of August Electronics in Canada and Kaynes Technology in India present a strong opportunity to serve these customers more comprehensively, positioning the Canada-India alliance as a strategic alternative to China-based sourcing,” Kannan added.
The Alberta, Canada-based company offers full-spectrum electronics manufacturing services (EMS) for industries such as energy, medical, telecommunications, and industrial. It works with clients throughout their product lifecycle to deliver manufacturing services.
