Software as a service firm Zaggle Prepaid Ocean Services Thursday said it has acquired a 98.3% stake in Span Across IT Solutions for around Rs 32 crore to help enter new segment of employee-related business.
The acquisition is expected to be completed within 45 days after which the information technology services company will become a subsidiary of Zaggle.
Span Across clocked a turnover of Rs. 4.7 crore for the financial year ended March 2024, higher than the Rs 3.9 crore in FY23 and Rs 3.1 crore in FY22.
Separately, the company’s board has also approved the investment of Rs 15.6 crore for a 26% ownership capital of digital payments infrastructure company Mobileware Technologies.
The Mumbai-based company offers an integrated product suite of National Payments Corporation of India-certified switch solutions across unified payments interface, immediate payments service, Aadhar-enabled payments and Bharat Bill Payment System(BBPS).
Mobileware has clocked a turnover of nearly Rs 17 crore in 2023-24, higher than the Rs 11 crore a year ago.