TL;DR:
- Infibeam Avenues acquires a 20% stake in US-based AI firm XDuce for $10 million.
- XDuce specializes in AI solutions for businesses’ internal operations and customer-facing systems.
- The investment aims to strengthen Infibeam’s presence in the US market, particularly in fintech and fraud prevention.
- Infibeam plans to increase international business revenue from less than 10% to 30% within two years.
- XDuce CEO expresses excitement about collaboration, highlighting enhanced product offerings.
- Infibeam’s broader strategy focuses on global expansion and innovation in AI-driven solutions.
Main AI News:
In a strategic move to expand its global footprint and bolster its technological capabilities, Infibeam Avenues, a leading fintech company, has finalized the acquisition of a 20% stake in XDuce, an established US-based AI development enterprise, for a sum of $10 million.
XDuce, established in 2006, specializes in crafting cutting-edge AI solutions tailored for diverse business needs, ranging from optimizing internal operations to enhancing customer-facing systems. This strategic partnership aligns with Infibeam’s vision to enhance its payment gateway brand, CCAvenue, particularly in the lucrative US market.
According to a statement released by Infibeam, this investment will empower the company to harness XDuce’s advanced technological stack, enabling it to penetrate deeper into the US market with innovative AI-driven fintech solutions, particularly in the realm of financial fraud prevention.
Rajesh Kumar, CEO of Infibeam’s AI division, Phronetic, expressed optimism about the collaboration, emphasizing its potential to augment the capabilities of both companies significantly. “This strategic move will not only bolster CCAvenue’s presence in the US but also pave the way for Phronetic to integrate its expertise seamlessly into XDuce’s offerings,” he stated.
Moreover, Infibeam’s joint managing director, Vishwas Patel, outlined ambitious plans for international expansion, aiming to elevate the contribution of international business to the company’s total revenue from less than 10% to 30% within the next two years. He highlighted the pivotal role of the investment in XDuce in realizing this objective, emphasizing its role in propelling the growth of CCAvenue’s payments business and platform services in the US market.
Jay Dave, CEO of XDuce, echoed Patel’s sentiments, expressing enthusiasm about the strategic partnership and its potential to revolutionize the landscape of AI-driven technologies. “Together, we aspire to broaden our product portfolio and offer businesses and consumers in the US access to state-of-the-art AI solutions for identifying and preventing transaction fraud,” he affirmed.
This acquisition forms a crucial part of Infibeam’s broader strategy to reinforce its presence on the global stage and fortify its position in the AI domain. With recent appointments and initiatives such as the appointment of Kumar as the CEO of Phronetic.AI and the launch of its AI Hub, Infibeam is poised to capitalize on the burgeoning opportunities in AI, particularly in sectors such as fintech, financial services, retail, and enterprise solutions.
As the company continues to innovate and expand its product offerings, this strategic investment in XDuce underscores its commitment to staying at the forefront of technological advancements and driving sustainable growth in the evolving landscape of AI-powered solutions.
Conclusion:
Infibeam Avenues’ acquisition of a stake in XDuce signals a significant move towards enhancing its global presence and technological capabilities, particularly in the competitive landscape of AI-driven solutions. By leveraging XDuce’s expertise, Infibeam aims to solidify its foothold in the US market and drive substantial growth in international business revenue. This strategic investment underscores Infibeam’s commitment to staying ahead of the curve in the rapidly evolving domain of fintech and AI, potentially reshaping market dynamics and positioning the company as a key player in the industry’s future landscape.
