Clear, an online tax service provider, acquired CimplyFive, a compliance automation platform, in an all cash deal keeping the finance details under wraps.

Being the second acquisition for Clear, the company is doubling down on its software platform and looks to diversify services for its 4000 enterprise customers.

As for CimplyFive, the platform will continue to operate independently with its founder Shankar Jaganathan to lead the business.

This acquisition is believed to allow US payments major Stripe-baked Clear to integrate compliance and governance management solutions to its existing finance cloud suite.

Clear helps companies to manage and pay their taxes, GST (Goods and Service Tax), TDS (Tax Deducted at Source) while also helping to make vendor payments with the help of this cloud suite.

Currently, Clear is disbursing roughly Rs.100-120 crore worth of loans to small and medium sized enterprises on a monthly basis on its platform.

The company is hoping to grow geographically to newer countries in the Gulf Cooperation Council (GCC) region, including the US and Europe.

Having Saas, the company plans to work more towards being a B2B finance suite and crypto related tax APIs (Application Programming Interfaces). Additionally, it is partnering with crypto exchanges and NFT (Non-fungible Tokens) platforms to help customers understand about taxation.

Cimply is known for helping company secretaries automate compliance requirements under the provisions of the Companies Act (2013), as well as, Securities and Exchange Board of India’s (SEBI) Listing Obligations (LODR). It also offers companies system-based tracking to help they stay updated with regulation compliance.

Including FabIndia, Premji Invest, Crompton, Tata-Hitachi, TVS Group,Jubilant Group and Wipro, the company has 100 enterprise customers.

This year, Clear acquired supply chain financing technology firm, Xpedize for Rs.100 crore. Last year it acquired enterprise payments startup, startup yBANQ to make its way into the B2B payments space. It had also acquired Karvy’s GST business in 2020.

It raised $ 75 million as a part of Series C, led by Kora Capital with Stripe, Alua Capital, and Think Investments also having participated in the round.

The acquisition is said to allow Clear to cross-sell its software offerings to these customers.