Fintech SaaS Company Clear Acquires CimplyFive
With this acquisition, Clear's enterprise customers will have access to comprehensive compliance risk management software that eliminates many procedural non-compliance under the Companies Act, 2013
Clear, a fintech SaaS company, announced that it has acquired CimplyFive, a cloud hosted application that automates company law and SEBI listing obligations compliance in all cash deal. With this acquisition, Clear's enterprise customers will have access to comprehensive compliance risk management software that eliminates many procedural non-compliance under the Companies Act, 2013.
"The acquisition will not just make our compliance suite larger but also stronger. We are committed to serve the CFO's office comprehensively," said Archit Gupta, founder and CEO, Clear.
This is Clear's second company acquisition in 2022, after it acquired Xedize, an invoice discounting platform in March. Clear has made 4 acquisitions so far, which include YBANQ in 2021 and Karvy's GST business in 2020 and it is trusted by more than 6 million Indians, 50,000 tax professionals, 1 million small businesses and 5000 large enterprises. Post the acquisition, CimplyFive will further Clear's CFO compliance suite to other areas, beyond direct and indirect tax, claimed by the company in a statement.
Founded in 2014 by Shankar Jaganathan and invested in by prominent ex-CFOs like Mohandas Pai, Suresh Senapaty, CimplyFive has scores of enterprise customers which include Fabindia, Premji Invest, Crompton, Tata-Hitachi, TVS Group, Jubilant Group and Wipro among others. The founder and the team of CimplyFive will function as an independent platform for now, as part of Clear, according to the company statement.