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Infibeam terminates ₹120 cr Unicommerce acquisition

07
Jan '19
Infibeam Avenues Limited, an Ahmedabad based e-commerce company, has terminated the share purchase agreement (SPA) to acquire 100 per cent of equity shares of Unicommerce ESolutions Pvt Ltd, a cloud-based inventory management company, wholly owned by Snapdeal. The two companies had signed the SPA for the ₹120 crore non-cash deal in May 2018.

“...we wish to inform you that the SPA has been terminated as the conditions precedent were not fulfilled within the stipulated time period,” Infibeam said in a regulatory filing with the Bombay Stock Exchange.

In May, Infibeam had said that it will be issuing optional convertible debentures (OCD) to Jasper Infotech, which owns Snapdeal, to cover the value of Unicommerce.

In its May filing, Infibeam had said that the acquisition would result in growth in merchants and revenues from Infibeam Web Services. “With the acquisition of Unicommerce eSolutions, Infibeam will further expand and strengthen its e-commerce web service offerings and capabilities,” it had added.

Meanwhile, in a separate statement, Unicommerce said that “both parties have mutually decided not to give effect to the said agreement”. Accordingly, Unicommerce will continue to operate as a profitable and independently managed company.

Unicommerce is a market leader in e-commerce enablement software for warehouse management and omnichannel services. It is one of the few profitable companies in India in the SaaS market providing comprehensive end-to-end e-commerce solutions, including warehouse management, multi-channel order fulfilment, e-commerce order processing, catalogue management, inventory management, and omni-channel management for both brands and online sellers. It serves the needs of manufacturers, wholesalers, distributors, retail chains, and individual store owners.

In addition to Infibeam’s multi-category B2C e-retail site Infibeam.com, through its Infibeam BuildaBazaar (BaB) e-commerce marketplace, the company provides a cloud-based, modular, customisable and scalable technology platform as well as e-commerce infrastructure and logistics support for a diverse universe of merchants, products and services. (RKS)

Fibre2Fashion News Desk – India


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