M&A

M&A

Fintech co Clear acqui-hires compliance risk mgmt startup CimplyFive for Rs.75-Cr

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Bengaluru-headquartered fintech software-as-a-service (SaaS) startup Clear, formerly known as ClearTax, has acquired compliance risk management automation platform CimplyFive. The all-cash deal is estimated to be valued at nearly INR 75 crore. With the acquisition, the 20-member team at CimplyFive, including founder Shankar Jaganathan, will be onboarded by Clear. Shankar will continue to run CimplyFive, which was founded in 2014, as an independent platform. CimplyFive marks Clear's fourth acquisition to date, which previously acquired YBANQ in 2021 and Karvy's GST business in 2020. In March 2022, Clear acquired supply-chain financing company Xpedize for nearly INR 100 crore.