Acquisition enhances Triterras’ supply chain finance capabilities, establishes Middle East presence, and accesses leading regional e-commerce platforms Co-founders of Invoice Bazaar joining Triterras’ leadership team
Triterras Inc., a leading fintech company for trade and trade finance, today announced that it has executed definitive agreements in connection with its previously announced Letter of Intent for the acquisition of Invoice Bazaar, an established provider of supply chain finance services and e-commerce financing in the Gulf Cooperation Council markets. The transaction is subject to customary closing conditions.
Invoice Bazaar’s 3 member founding team based in Dubai will be joining the Company’s existing Leadership Team.
Under the terms of the transaction, Triterras will pay shareholders of Invoice Bazaar up to $8 million USD over the next two years, subject to the achievement of certain revenue milestones. The Company anticipates that the transaction will be accretive to earnings within one year post close.
“This transaction is a truly transformative moment for our Company as it brings together a strong origination team in the Middle East along with an innovative financing solution for merchants to certain e-commerce companies,” said Srinivas Koneru, Chairman and CEO of Triterras. “Triterras now has an exceptional team located in the strategically important Middle East region, with licenses to operate immediately. Invoice Bazaar’s capabilities in supply chain finance, receivables financing, and e-commerce supplier financing complements our Kratos platform and provides a blueprint for rollouts into other geographies.”
Anand Nagaraj, the senior leader of Invoice Bazaar, commented, “Our whole team is very excited to be joining forces with Triterras. We believe 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.”
Below are brief biographies of the new members joining the Triterras’ Leadership team from Invoice Bazaar:
Anand Nagaraj – Executive Vice President, Middle East
Mr. Nagaraj is responsible for the management and growth of the Company’s Middle East business. He founded Invoice Bazaar and served as its CEO until its sale to Triterras. Mr. Nagaraj has 18 years of financial services and fintech experience in Asian and Middle East markets. Prior to founding Invoice Bazaar in 2016, he served as Senior Vice President at Citi heading the Middle East Commercial Banking Products including Supply Chain Financing. Mr. Nagaraj is based in Dubai, and reports to Chief Operating Officer, John Galani. He holds a Post Graduate Program in Management qualification from the Indian Institute of Management, Kozhikode and completed a Fintech Certificate Course from the Massachusetts Institute of Technology.
Ashok Balasubramanian – Vice President, Business Development, Middle East
Mr. Balasubramanian was a member of the founding team at Invoice Bazaar and since its inception has been responsible for Invoice’s Bazaar’s business development, a role he will continue at Triterras. Prior to joining Invoice Bazaar, he served as an Assistant Vice President managing commercial banking client relationships at Citi. Mr. Balasubramanian is based in Dubai and reports to Mr. Nagaraj. He holds a Masters in Business Administration from Welingkar Institute of Management, India.
Sumit Rungta – Vice President – Relationship Management, Middle East
Mr. Rungta was a member of Invoice Bazaar’s founding team and has been responsible for managing Invoice Bazaar’s Client Relationship Management Team and Partnerships since inception. Prior to joining Invoice Bazaar, he was responsible for Transaction Banking requirements of Commercial Banking clientele in the Middle East at Citi. Mr Rungta is based in Dubai and reports to Mr. Nagaraj. He holds a Masters in Business Administration from SP Jain Institute of Management & Research in Mumbai, India.