Netcore Acquires 90% Stake in U.S. Company Unbxd, Marketing & Advertising News, ET BrandEquity
Software-as-a-service company Netcore has acquired a 90% stake in artificial intelligence-powered product discovery platform Unbxd for $100 million to improve its customer experience technology solutions, it said. a senior company official said Thursday. Netcore Cloud Group CEO Kalpit Jain told PTI that the company plans to make an initial public offering (IPO) in about a year and will file a draft document to that effect by July or August.
Speaking about the acquisition of Unbxd, Jain said it was the company’s fourth acquisition in three years.
“Today, e-commerce is growing all over the world. Many businesses want to go digital and brands are looking to provide a personalized experience for their consumers. Unbxd has been doing this for many years for many brands in developed countries like the US, UK, etc. We have been very strong in India, South East Asia, the Middle East and Africa, Unbxd plays a very important role in giving us access to the US and to developed countries,” he said.
Bootstrapped Netcore will use internal accruals to buy investors’ stake in Unbxd, and the founders will continue to work at Unbxd. Unbxd has about 150 customers in developed countries, and Netcore will be able to sell its suite of customer management products to those customers, Jain said.
Netcore expects to close the current fiscal year with revenue of approximately $80 million and grow to approximately $130 million by March 2024.
Jain said the company is looking to expand its business in developed countries and push sales of the entire product line to new era businesses.
The company will continue to consider inorganic expansion for growth, Jain said, adding that the IPO will improve its brand reputation and help attract new talent.
“It will also give currency to acquire new businesses. A listed entity can also use shares as acquisition currency,” Jain said.
He said 25% of Netcore was owned by employees and the IPO would provide them with opportunities for wealth creation.