Zaggle Prepaid Ocean Services Limited, India’s leading Spend Management company, today announced the approval of the acquisition of a 51% majority stake in EffiaSoft Private Limited. This includes the acquisition of 45.33% of EffiaSoft from existing shareholders Koushik Shee and Krishna Rao Akula, with an infusion of ₹36.72 crore.

Further, the Board has also considered the proposal for the acquisition of a 5.67% stake from the same shareholders for ₹4.59 crore. The mode of acquisition (cash or shares swap) will be determined by the Board at a later stage, and the decision will be communicated to the stock exchange in compliance with regulatory requirements.

Founded in 2012 by Koushik Shee, EffiaSoft is a product development and engineering company with deep tech capabilities and a large skilled tech force. They specialize in offering enterprise software solutions specifically designed for various industries. Their flagship product, JustBilling, is a Point of Sale (PoS) software used by over 1.5 lakh subscribers and 300+ merchant partners globally. With a strong focus on international customers, EffiaSoft also offers a unique Cruise Management Software, which is distributed by the world’s largest cruise software management company. This product complements Zaggle’s prepaid card solutions, creating a seamless integration of offerings for their global customer base.

EffiaSoft’s solutions include PoS, inventory management, and customer loyalty features. The company’s expertise, with a workforce of over 220 employees (95% of whom are technology professionals), has enabled it to establish a strong presence in key global markets. The company currently enjoys a 20% EBIDTA margin.

This acquisition is in line with Zaggle’s strategy to expand its global presence and enhance its portfolio of offerings. EffiaSoft’s solutions present direct synergies with Zaggle’s existing products, including BROME and Fleet Management Solutions, providing opportunities for integration and growth in the global spend management market. With EffiaSoft’s cutting-edge technology and international client base, this acquisition will further bolster Zaggle’s position as a leader in the industry.

Speaking about the development, Dr. Raj P. Narayanam, Founder & Executive Chairman, Zaggle Prepaid Ocean Services Limited, said, “The strategic acquisition marks a significant milestone in Zaggle’s growth journey. By integrating EffiaSoft’s advanced technology solutions with our existing platforms, we aim to offer a more seamless, efficient, and scalable spend management and payment experience. This move also strengthens our position in the global market while accelerating our vision of becoming a Global Leader in the Spend Management space.”

EffiaSoft, with an international client base spanning India, Singapore, Europe, and the United States, will provide Zaggle with a strategic soft landing in these key markets. This acquisition enables faster go-to-market strategies and offers valuable industry insights to drive growth across these geographies.

"We are excited to partner with Zaggle, who is transforming the spend management space in India through its innovative offerings. This partnership marks a significant step towards expanding our innovative solutions across global markets while enhancing our ability to deliver multi-channel SaaS retail and billing technologies. With our combined expertise, we aim to redefine how businesses manage transactions, optimize cost, and drive operational efficiency," said Koushik Shee, CEO, EffiaSoft Private Limited.