Neo-bank start-up ZikZuk Technology announced the successful acquisition of Spanacross IT Solutions, popularly known as taxspanner.com, at an undisclosed amount. Rahul Rasa, the co-founder and CEO of ZikZuk, will join the board of taxspanner.com. 

This acquisition will help ZikZuk intensify its total product offerings as it attempts to tap over 10,000 small business owners in India.

ZikZuk has announced that it will not lay off any employee from taxspanner.com. The latter’s co-founders will continue with their current positions, while organisation works as a separate subsidiary, Rasa said in a statement.

“over a period of time, we will look at merging it with ZikZuk. Part of the Acquisition is already completed, and we expect to wrap up the rest in the next 6 to 8 weeks," Rasa said.

Delhi-based start-up taxspanner.com claims to cater to over one million users with services including tax filing, tax advisory, financial well-being, and others. Additionally, the firm wants to diversify its service offerings by including indirect taxes with GST filing and product reconciliations. 

“The development will help us in fulfilling our mission of providing definitive solutions to SMEs and streamline the service delivery process in personal taxation and finance space with minimum human interface," Sudhir Kaushik, co-founder, and CEO of taxspanner.com said in a statement. 

ZikZuk uses its proprietary analytics engine to provide micro, small and medium enterprises (MSME) insights about their sales, cash flow, payables and receivables. Taxspanners.com’s acquisition will help ZikZuk’s customers with their tax filing besides managing the banking and accounting system.