India's Infibeam Avenues buys 20% stake in US-based AI startup XDuce for $10 million

Infibeam Avenues, a listed AI-powered fintech company, today said it has acquired a 20% strategic stake in XDuce (“Company”) for $10 million, valuing the company at $50 million. XDuce is a renowned enterprise Application and AI development company based in the United States.

Based in New Jersey USA, XDuce claims to have a team of over 150 software developers in the US servicing some of the marquee Wallstreet and Insurance Clients in North America. 

What services does XDuce offer?

XDuce has expertise in business application implementations, integration services, and business transformation. Bank of America, Morgan Stanley, Capgemini, Hollingsworth & Vose, Deutsche Bank, BNP PARIBAS, Goldman Sachs, NYP, QBE, IEEE, and FMCNA are some of its notable clients. 

How will the acquisition benefit Infibeam Avenues?

As part of the acquisition, Infibeam Avenues will gain the strategic advantage of tapping into this illustrious network for its Phronetic AI Solutions and CCAvenue Payments business in the US, as per the company's statement.

This will also enable Infibeam Avenues to integrate its PhroneticAI capabilities into XDuce’s existing framework as well as support platform and payments business growth in the US market.

The integration is aimed at enhancing the intelligence quotient of XDuce's solutions, especially by embedding PhroneticAI Fraud detection and Authentication and Risk identification (FAR) AI technology for the financial sector in the US.

Supporting Infibeam Avenues' growth in the US market 

XDuce will support the US growth of Infibeam Avenues Ltd’s payment gateway brand, CCAvenue.

"We are enthusiastic about this strategic investment, as it signifies a pivotal moment for XDuce. Collaboratively, we aim to enhance and broaden our product offerings, offering businesses and consumers in the US access to state-ofthe-art AI-driven technologies for identifying and preventing transaction fraud," said Jay Dave, CEO of XDuce. 

"This strategic move will enable Infibeam Avenues to penetrate the US market with our AI fintech solutions for the financial fraud prevention space," said Rajesh Kumar SA, CEO of Phronetic.AI, an Artificial Intelligence business unit of Infibeam Avenues Ltd.

Notably, the investment will help Infibeam grow its international business, aiming to boost its contribution to the company's total revenue over the next two years.

“Last year, international business contributes less than 10% to Infibeam Avenues Ltd's total revenue and we plan to grow International business to 30% of total revenue in the next couple of years. This strategic investment in XDuce will support the growth of CCAvenue payments business as well as our platform business in US,” said Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd. 

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