Ingenius E-commerce, which owns and operates B2B aggregator Tradohub for industrial goods, has acquired 100 per cent equity stake in Infinium from Infibeam Avenues for Rs 60 crore.
According to BSE filing, Infibeam has divested its ownership with control in its wholly-owned subsidiary Infinium to Ingenius E-commerce. The Memorandum of Understanding (MoU) was executed on January 19 and the deal is expected to be completed by the end of this month.
Following the acquisition, Ingenius will strengthen its technology capabilities and expand the existing merchant base and distribution across other product segments such as IT products, appliances, software, consumables, and services.
For the uninitiated, Infinium works on design and implementation of large technology solutions involving hardware, software, satellite, and digital communications. The company is primarily involved in providing DOT approved shared hub VSAT services & solutions involving broadband, networking & connectivity.
The company’s revenues come from trading and distribution of consumer products and providing e-commerce solutions to government and institutions.
Ingenius, on the other hand, claims to grow over 50 per cent year-on-year with annual revenue of Rs 300 crore. For Tradohub, it has registered more than 10,000 SMEs across product including food and agriculture, polymers, chemicals, pharmaceuticals, metals, and others.
The development comes after months of Infibeam’s catastrophic stock market crash followed by auditor raising concern over CCAvenue’s merger. SRBC & Co LLP, the audit arm of EY India had recently sought a detailed report of a probe into its merger with the payment gateway.
The development was reported by BusinessLine via PTI.