Fintech startup Clear, was formerly known as ClearTax. It has acquired compliance risk management platform CimplyFive during an all-cash deal.
This was reportedly of worth around Rs. 75 crore. According to a statement, CimplyFive will be continuing to run as an independent platform.
This is Clear’s second company acquisition in 2022 after it acquired Xpedize, an invoice discounting platform, in March. Clear has made four acquisitions, including YBANQ in 2021 and Karvy’s GST business in 2020.
It will be led by its founder Shankar Jaganathan. Earlier this year, Clear acquired supply-chain financing company Xpedize for around Rs. 100 crore.