Singapore-based Triterras, Inc., which works in trade and trade finance, has finalized its acquisition of Dubai-based Invoice Bazaar. The deal could face “customary closing conditions,” according to the announcement on Monday (May 17).
Triterras rolled out and runs a commodity trading and trade finance system called Kratos.
Srinivas Koneru, the chair and CEO of Triterras, said in the announcement that Invoice Bazaar’s functionalities in invoice financing, supply chain finance and eCommerce vendor financing fit in well with the firm’s Kratos system and offers a roadmap for launches in other places.
Koneru said in the announcement that the company “now has an exceptional team located in the strategically important Middle East region, with licenses to operate immediately.”
Triterras will pay a maximum of $8 million U.S. dollars to investors in Invoice Bazaar during the two years to come, subject to specific undisclosed revenue milestones being met, according to the announcement.
Anand Nagaraj, the senior leader of Invoice Bazaar, established Invoice Bazaar and worked as its chief executive up to its sale to Triterras. Nagaraj has nearly two decades of financial services and FinTech experience in the Middle East and Asia. Before he established Invoice Bazaar in 2016, he worked as a senior vice president at Citi leading Middle East commercial banking products such as supply chain financing.
“Triterras will provide us with a robust, established network of top tier lenders, innovative lending solutions and technology enhancements to our platforms that will greatly accelerate our growth in capitalizing on tremendous opportunities,” Nagaraj said in the announcement.
PYMNTS reported in March that Triterras would be buying Invoice Bazaar.
Nagaraj said in January that the partnership “will help us reach the [small to medium-sized enterprises] SMEs who derive a large amount of revenue from online orders, and who would otherwise face challenges finding the appropriate financing solutions for their business model and scale of operations.”