BHIVE Workspace, a flexible office space provider, has acquired product-engineering firm Praemenio to strengthen its fintech arm and enhance its business operations. The acquisition involves both cash and equity, and will bring a 10-member team and co-founders Rohit Parab and Gaurav Gandhi to BHIVE.
Photograph: David W Cerny/Reuters
New Delhi, Dec 18 (PTI) Flexible office space provider BHIVE Workspace on Monday said it has acquired product-engineering firm Praemenio to grow business.
The acquisition transaction comprises a composite structure involving both cash and equity, Bengaluru-based BHIVE said in a statement.
The company did not disclose the deal value.
BHIVE will absorb a 10-member team along with its co-founders Rohit Parab and Gaurav Gandhi.
The acquisition will support the company in areas of financial management, approvals processing, issue identification to lead generation, and understanding decision-making processes to efficiently manage the company's 1.5 million square feet of coworking space across 25 locations and strengthen the fintech arm of the group.
"BHIVE is always on the lookout to identify occupiers' pain points and solve it through our business and technology offerings while joining hands with companies in the ecosystem where we find synergies," Shesh Rao Paplikar, Founder & CEO of BHIVE Group, said.
Currently, the total co-working portfolio of BHIVE stands at 1.5 million square feet with over 42,000 seats across Bengaluru.
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