Software-as-a-service company Netcore has acquired a 90% stake in artificial intelligence-based product discovery platform Unbxd for $100 million to improve its technology solutions for customer experience, a senior company official said Thursday.
Netcore Cloud Group CEO Kalpit Jain told PTI that the company is planning an initial public offering (IPO) in about a year and will submit a paper draft by July or August.
Speaking about the Unbxd acquisition, Mr. Jain said it was the fourth acquisition for the company in three years.
“Today, e-commerce is growing worldwide. Many companies want to go digital, and brands want to offer their customers a personalized experience. Unbxd has been doing this for many brands in developed countries like the US and UK for years. We are very strong in India, Southeast Asia, Middle East and Africa. Unbxd plays a very important role in giving us access to the US and developed countries,” he said.
Bootstrapped Netcore will use internal funds to buy shares in Unbxd from investors and the founders will continue to work at Unbxd. Unbxd has about 150 customers in developed countries, and Netcore would be able to sell its customer management suite of products to those customers, Mr Jain said.
Netcore expects to close the current fiscal year with sales of around USD 80 million and increase to around USD 130 million by March 2024.
Jain said the company aims to expand business in developed countries and promote sales of the full range of products to new-age companies.
The company will continue to consider inorganic expansion for growth, Jain said, adding that the IPO will enhance its brand’s reputation and help attract new talent.
“There will also be a currency to acquire new companies. A listed company can also use shares as acquisition currency,” Jain said.
He said 25 percent of Netcore is employee-owned and the IPO will provide them with wealth-building opportunities. PTI PRS HVA HVA