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Bajaj Finance Ltd (BFL) has entered into an agreement to acquire up to 40 per cent stake (fully diluted basis) in Mumbai-based Snapwork Technologies Pvt Ltd for an all cash consideration of up to ₹93 crore.
BFL signed a Securities Subscription Agreement, Shareholders’ Agreement and Share Purchase Agreement on Friday with Snapwork Technologies to acquire up to 40 per cent stake in the latter by way of primary and secondary transactions.
The acquisition of Snapwork Technologies, which had a revenue of ₹33.71 crore in FY22, is proposed with the intention to strengthen BFL’s technology roadmap, the NBFC said in a regulatory filing.
The transction is expected to be completed prior to December 31, 2022, unless extended by the company,per the filing.
Incorporated in 2008, Snapwork Technologies is engaged in developing, consulting, providing, exporting, importing, marketing, dealing in and implementation of software technology and allied products for its clients and conducting R&D for the same, BFL said.
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