ZenBusiness, a company entity creation and administration agency that makes it simple to start out, run, and develop their companies, has reportedly finalized its first acquisition of Austin-based Fintech platform, Joust. The quantity that can be paid for the acquisition hasn’t been shared publicly.
Ross Buhrdorf, co-founder and CEO at ZenBusiness, mentioned that his firm had been attempting to plan the acquisition of Joust for some time, however the timing had not been proper. Each firms just lately agreed to the phrases of the deal as a result of they felt they might be an excellent match for one another, Buhrdorf mentioned.
Austin-based ZenBusiness was established in 2015. It has managed to safe $19.5 million in capital, so far. The corporate’s traders embrace Greycroft and Lerer Hippeau.
Lamine Zarrad, co-founder and former CEO at Joust, defined that ZenBusiness supplies a web based platform for enterprise homeowners to handle and develop a small enterprise. In the meantime, Joust gives a banking platform that assists professionals with establishing a fee course of.
As reported by Crunchbase, Zarrad has been main the Fintech efforts within the new partnership, by relaunching Joust as ZenBusiness Cash and serving to with creating the suitable enterprise banking software program – which incorporates instruments for invoicing, service provider companies, and funds.
“We were both holistic solutions, but starting at different ends of the spectrum. As they figured out customer acquisition, we thought, let’s not compete, but build our forces together to bring more value and exponentially grow.”
Each corporations are targeted on growing new merchandise and integrating their present platforms, Zarrad confirmed.
Micro enterprise was already a high-growth trade, and COVID-19 has additional accelerated its development, Buhrdorf claims.