Cygnet.One and Avant Group Joint Venture - DivaCygnet

Cygnet.One and Avant Group Corporation have announced the launch of their joint venture, DivaCygnet. This alliance aims to advance board management and compliance technology solutions in the corporate sector. DivaCygnet will focus on group governance, financial consolidation, and compliance.

DivaCygnet will introduce two main products: The Financial Consolidation Statement Solution (DIVA) and the Board Management Software (Trinity) from Avant Group Corporation. By combining Cygnet.One's expertise in indirect tax compliance in India with Avant Group Corporation's skills in digital management processes, DivaCygnet seeks to establish DIVA and Trinity as leading software solutions for corporations. This partnership strengthens their leadership in the Indian market and beyond.

"We are thrilled to unveil our JV, DivaCygnet, a testament to the collaborative spirit driving technology innovation in the board management and compliance space," remarked Surendra Sharma, Managing Director and Board Member of Avant Group Corporation. "This joint venture marks a significant milestone in our mission to empower enterprises globally with cutting-edge technologies that streamline operations and enhance compliance."

Cygnet.One's innovation and market leadership are highlighted by its flagship product, Cygnet Tax, which automates GST compliance processes for enterprises in India. As a GSTN-approved GST Suvidha Provider (GSP) and Invoice Registration Portal (IRP), Cygnet.One handles around 20% of India's e-invoicing traffic, showcasing its commitment to advancing technology in compliance processes.

Niraj Hutheesing, Managing Director and Founder of Cygnet. One emphasized the strategic significance of DivaCygnet: "This venture represents a fusion of expertise, innovation, and commitment to solve challenges encountered by CFOs and CEOs alike. With a proven track record of meeting the evolving needs of CFOs, our ambition with DivaCygnet is to elevate our efforts to tackle a broader spectrum of challenges faced by business leaders.”

DivaCygnet will utilize Cygnet.One's existing brand presence to deploy specialized teams and field operations in Mumbai, Delhi, Bengaluru, and Pune. This approach aims to increase market penetration and promote the adoption of DIVA and Trinity among corporates in India and the UAE. Additionally, DivaCygnet will seek strategic partnerships with accounting firms and software integrators to expand its market presence and explore new geographical markets where Cygnet.One has established enterprise exposure.

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