Infibeam Avenues Ltd.’s shares were up by 6.82 per cent, after the company reported investing $10 million to acquire a 20 per cent stake in XDuce, an enterprise application and AI development company based in the United States.
The company informed, XDuce is headquartered in New Jersey, USA, has a team of over 150 software developers serving Wall Street and Insurance Clients in North America, including Bank of America, Morgan Stanley, and Deutsche Bank.
The investment allows Infibeam Avenues Ltd to leverage XDuce’s network to introduce its Phronetic AI Solutions and CCAvenue Payments business in the US market. The company further informed, the move is part of Infibeam’s efforts to integrate PhroneticAI capabilities into XDuce’s framework and expand its payment gateway brand, CCAvenue, in the lucrative US financial sector.
Jay Dave, CEO of XDuce, said, “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-of- the-art AI-driven technologies for identifying and preventing transaction fraud.”
Infibeam Avenues Ltd aims to significantly increase its international business contribution to total revenue, targeting 30 per cent within the next couple of years. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, defined the investment’s role in supporting the growth of CCAvenue payments and platform business in the US.
The shares were up by 6.82 per cent to ₹36.85 at 10.30 a.m on the BSE.