Indian finance automation and compliance platform CashFlo has acquired Logitax, a goods and services tax (GST) and e-invoicing compliance platform.
The financial terms of the deal were not revealed.
Logitax, which is based in Pune, India, is expected to enable CashFlo to expand its capabilities in finance automation and compliance. It will also help the latter to advance the future of finance automation.
By integrating Logitax’s compliance portfolio, CashFlo hopes to strengthen its accounts payables (AP) automation, payments, and reconciliations as well as invoice discounting offerings.
This will allow CashFlo to serve a wider spectrum of mid and large corporate enterprises.
Besides, CashFlo will expand its portfolio to offer an extensive full suite of finance automation products in the AP and receivables management category.
The offerings include AP automation, payments and reconciliation, GST filing and reconciliation, enterprise resource planning (ERP) integrations, supply chain financing, e-invoicing, and GST input tax credit (ITC) maximisation.
Logitax director Aditya Kulkarni said: “Joining forces with CashFlo is a fantastic opportunity for Logitax and our customers. We have fast-tracked our vision of solving complex problems around Accounts Payable, B2B payments and embedded financing.
“With full stack invoice automation, payments, compliance and lending solutions, we look forward to strengthening relationships with our customers and bringing more value to them.”
Following the acquisition, the whole team of the GST and e-invoicing compliance platform including its leadership will join CashFlo.
Furthermore, the enlarged entity is expected to serve more than 1,200 enterprises and expand its small and medium enterprises (SMEs) network to over 300,000 companies.
CashFlo CEO and founder Ankur Bhageria said: “This deal marks a significant step forward in our mission to transform how businesses in India pay and get paid, thereby fueling the country’s growth.
“Logitax’s mission to provide comprehensive GST compliance solutions resonates deeply with CashFlo’s commitment to revolutionising B2B Payments, and their expertise and offerings complement ours, making Logitax the ideal partner for us.”
