KFin Technologies, a global investor and issuer solutions provider, has said that it will acquire 100 per cent stake in WebileApps (India) Private Limited, a Hyderabad-based enterprise product development and design company.
However, the KFin has not revealed the size of the deal.
WebileApps (India) specialises in artificial intelligence, machine learning and mobility solutions for the banking and financial services industry.
Post this investment, WebileApps will become a wholly-owned subsidiary of KFintech.
“The acquisition will integrate KFintech’s deep domain knowledge with WebileApps’s technical expertise. It will have potential to unlock new revenue streams and markets,” a company statement said on Thursday.
“The acquisition offers several advantages, including accelerated product development in SaaS (software-as-a-service) and PaaS (platform-as-a-service) models,” it said.
Sreekanth Nadella, Managing Director and Chief Executive Officer of KFintech, said the acquisition would foster the culture of digital innovation for both KFintech and its clients.