Clear, formerly known as ClearTax, an Indian fintech SaaS company, today announced that it has acquired CimplyFive, a cloud hosted application that automates company law and SEBI listing obligations and disclosure requirement (LODR) compliance, in an all cash deal.
This is Clear’s second acquisition in 2022 after the purchase of Xpedize, 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.
With this acquisition, Clear’s enterprise customers will have access to compliance risk management software.
“This acquisition will not just make our compliance suite larger but also stronger. We are committed to serving the CFO's office comprehensively,” said Archit Gupta, founder and CEO, Clear.
CimplyFive was founded in 2014 by Shankar Jaganathan and backed by prominent ex-CFOs like Mohandas Pai and Suresh Senapaty. It has scores of enterprise customers which include Fabindia, Premji Invest, Crompton, Tata-Hitachi, TVS Group, Jubilant Group and Wipro.
The founder and the team of CimplyFive will function as an independent platform for now. Jaganathan will continue to lead CimplyFive. Enterprises that have global subsidiaries can set up this product for their compliance. This product can also be used by listed companies for LODR reporting.
Clear has raised $140 million in equity capital since inception.
Investors include Stripe, Y Combinator, Composite Capital, Elevation Capital, Sequoia Capital, Kora Capital and Founders Fund.
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