Aurionpro Solutions board has approved the acquisition of 67 per cent stake in Arya.ai, operated through the legal entity Lithasa Technologies Pvt Ltd (Lithasa).
According to the stock exchange filing, the aggregate transaction price amounts to ₹135.20 crore. The transaction is expected to close on May 15, 2024.
The objective is to integrate Arya’s AI cloud platform with Aurionpro’s offerings and create an enterprise AI platform focused on creating value for financial institutions.
Ashish Rai, CEO of Aurionpro Solutions, stated, “The acquisition of Arya.ai brings together Aurionpro’s portfolio of industry-leading enterprise software with one of the most mature Enterprise AI platforms focused on the needs of Banks and Insurers. It also brings together probably the most talented enterprise-focused AI/ML team in Asia with Aurionpro’s deep domain expertise and strengths to build highly differentiated Enterprise software.”
Lithasa Technologies is engaged in providing pre-trained machine learning models such as APIs and finetuning ML models for banks, insurers, and financial services.
Aurionpro Solutions stock rose 2.76 per cent to trade at ₹2,384.95 as of 11.18 am.