Infibeam Avenues, a leading AI-powered fintech company, announced today its acquisition of a 20% strategic stake in XDuce for $10 million, valuing the company at $50 million. XDuce, renowned for its enterprise Application and AI development expertise, is based in the United States. Headquartered in New Jersey, XDuce boasts a team of over 150 software developers serving prominent Wall Street and Insurance Clients in North America. Its specialties include business application implementations, integration services, and business transformation, with notable clients such as Bank of America, Morgan Stanley, and Goldman Sachs.
The acquisition enables Infibeam Avenues to leverage XDuce’s extensive network for its Phronetic AI Solutions and CCAvenue Payments business in the US. Additionally, it facilitates the integration of PhroneticAI capabilities into XDuce’s framework, enhancing its solutions, particularly in fraud detection and risk identification for the financial sector. Jay Dave, CEO of XDuce, expressed enthusiasm about the strategic investment, emphasizing the collaboration’s potential to expand product offerings and provide cutting-edge AI technologies for transaction fraud prevention in the US market.
Rajesh Kumar SA, CEO of Phronetic.AI, highlighted the opportunity for Infibeam Avenues to introduce AI fintech solutions for financial fraud prevention in the US, underscoring the strategic significance of the move. The investment aligns with Infibeam Avenues’ international expansion strategy, aiming to increase its international business contribution to 30% of total revenue over the next two years. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd., emphasized the role of the XDuce investment in supporting the growth of CCAvenue payments business and platform business in the US.
