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Effiasoft, a Hyderabad-based company, specializes in offering enterprise software solutions tailored for various industries. The company provides point-of-sale (PoS) solutions, inventory management features, and customer loyalty capabilities across India and Southeast Asia through its flagship platform, JustBilling. Effiasoft achieved a turnover of Rs 18.94 crore for the financial year 2023-24, with a provisional turnover of Rs 24.67 crore for the financial year 2024-25 as of 15 March 2025. Effiasoft has expertise in product development, engineering, and software solutions, with a proven track record in PoS systems. It has established a strong network of over 300 merchant partners, and its technology seamlessly integrates into merchant systems, improving operational efficiency. By acquiring a majority stake in Effiasoft, Zaggle aims to further enhance its financial technology ecosystem. The acquisition will accelerate product development, improve payment processing capabilities, and drive digital transformation in the fintech sector. This move is also expected to increase merchant engagement and deliver greater value to Zaggle's customers. According to an exchange filing, the Board of Directors of Zaggle Prepaid Ocean Services held a meeting on Thursday, 27 March 2025, where it approved the acquisition of a 45.33% stake from existing shareholders Koushik Shee and Akula Krishna Rao for Rs 36.72 crore. In addition to this, the board has also considered acquiring a further 5.67% stake in Effiasoft from Shee and Rao for Rs 4.59 crore. Together, both acquisitions will bring Zaggle's total stake in Effiasoft to 51%, with the total deal valued at Rs 41.31 crore. The acquisition will be completed within 90 days from the date of approval by the Board of Directors of the company. The mode of acquisition, whether in cash or through a share swap, will be determined by the board at a later stage, and the details will be communicated to the stock exchange in accordance with applicable regulatory requirements. The company also clarified that the acquisition does not fall within related party transactions, and neither the promoter, promoter group, nor any group companies have any interest in the entity being acquired. The official announcement was made on Thursday, 27 March 2025, after market hours. Zaggle Prepaid Ocean Services provides financial technology (fintech) products and services along with prepaid cards and has built a portfolio of software as a service (SaaS), including tax and payroll software, and a broad touchpoint reach. The company's consolidated net profit surged 29.8% to Rs 19.75 crore in Q3 FY25 as against Rs 15.22 crore posted in the previous corresponding quarter. Revenue from operations zoomed 68.9% YoY to Rs 336.89 crore in the quarter ended 31 December 2024. Powered by Capital Market - Live News
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