Zaggle to acquire assets of Dice for Rs 68 cr in all-cash deal

Fintech firm Zaggle Prepaid Ocean Services is planning to acquire assets of AI-enabled spend management platform Dice in an all-cash deal for about Rs 68 crore, the company said on Friday.

Fintech firm Zaggle Prepaid Ocean Services is planning to acquire assets of AI-enabled spend management platform Dice in an all-cash deal for about Rs 68 crore, the company said on Friday. The company expects to complete the transaction within 120 days. Zaggle in a regulatory filing said its board of directors in a meeting on May 8 has considered and approved the modification to the deal structure with Dice whereby instead of acquiring the entire shareholding of Dice, the company proposes to purchase assets from Dice. ''The company proposes to purchase assets from Dice comprising but not limited to software, databases/codebase, contracts, intellectual property, domain names along with all related assets in the spend management space for a consideration of approx Rs 67.9 crore plus taxes, if applicable,'' the filing said. Zaggle in a statement said the new approach enables Zaggle to deploy capital with surgical precision, concentrating on scalable, monetisable and immediately integration-ready assets that directly accelerate its AI and enterprise automation roadmap. ''We are not acquiring an entity, we are acquiring the engine: the platform, the IP, the customer relationships and the people who built it. This is exactly the kind of high-conviction, capital-efficient move that accelerates our AI roadmap and creates meaningful long-term value for our shareholders,'' Zaggle Founder and Executive Chairman Raj P Narayanam said. Around 100 AI-enabled technology professionals, including key product and engineering leadership (chief technology officer, chief product officer, etc) will become part of Zaggle group as part of the deal.