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Thursday, April 18, 2024
HomeBusinessInfibeam purchases 20% of US XDuce in recent acquisition deal.

Infibeam purchases 20% of US XDuce in recent acquisition deal.

Infibeam Avenues Ltd, a leading AI-powered fintech company, recently announced a significant investment of $10 million to acquire a 20% strategic stake in XDuce, an enterprise Application and AI development company based in the United States. The Board of Directors approved this equity acquisition as a strategic move to integrate Infibeam Avenues Ltd’s Phronetic capabilities into XDuce’s framework and support platform and payments business growth in the US market. By embedding PhroneticAI Fraud detection and Authentication and Risk identification (FAR) AI technology, the integration aims to enhance the intelligence quotient of XDuce’s solutions, particularly in the financial sector in the US.

XDuce, with its headquarters in New Jersey, USA, boasts a team of over 150 software developers, providing Infibeam Avenues Ltd with a strategic advantage to leverage this network for its Phronetic AI Solutions and CCAvenue Payments business in the US market. Collaboratively, both companies aim to enhance and broaden their product offerings by offering advanced AI-driven technologies for identifying and preventing transaction fraud, as stated by Jay Dave, CEO of XDuce. Through this partnership, Infibeam Avenues Ltd is set to boost its international business contribution to its total revenue in the next two years, enabling them to penetrate the US market with their AI fintech solutions for financial fraud prevention, according to Rajesh Kumar SA, CEO of Phronetic.AI, a business unit of Infibeam Avenues Ltd.

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