Info-tech

Clear acquires compliance risk management startup CimplyFive

Haripriya Sureban | Updated on: Jul 06, 2022
Archit Gupta, Founder and CEO of Clear

Archit Gupta, Founder and CEO of Clear

Enterprises with global subsidiaries can set up this product for compliance, and listed companies can use this to do SEBI’s LODR reporting.

Bengaluru  

Clear, formerly ClearTax, a fintech Software-as-service (SaaS) company, has acquired CimplyFive, a cloud-hosted application that automates Company Law and SEBI Listing Obligations (LODR) compliance in an all-cash deal.

With this acquisition, Clear’s enterprise customers will have access to  comprehensive Compliance Risk Management Software that eliminates many procedural non-compliance under the Companies Act, 2013. CimplyFive will further Clear’s Chief Financial (CFO) compliance suite to other areas beyond direct and Indirect Tax.

“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 Chief Executive Officer, Clear. 

The founder and team of CimplyFive will now function as an independent platform, as a part of Clear. Founder Shankar J will continue to lead this business. Once integrated, Clear’s expanded product suite will offer a much more best-in-class offering for its more than 5,000 enterprise customers, which includes both Indian corporations as well as global enterprises with subsidiaries in India. 

Enterprises that have global subsidiaries can set up this product for their compliance. This product can also be used by listed companies to do SEBI’s LODR reporting.

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.

Clear is a fintech SaaS company with the mission of simplifying finance. Their product suite covers invoicing, GST, a range of managed services, and working capital solutions. Clear has raised $140 million in equity capital since its inception. Its investors include Stripe, Y Combinator, Composite Capital, Elevation Capital, Sequoia Capital, Kora Capital and Founders Fund.

Published on July 06, 2022
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