Infibeam Avenues, a prominent payments solution provider based in Gujarat, India, has made a strategic move by acquiring a 20% stake in XDuce, a US-based enterprise application and artificial intelligence development company, for $10 million. The decision, approved by the board of directors, underscores Infibeam’s commitment to expanding its international footprint and enhancing its AI-driven fintech solutions.
In a statement released on Saturday, Infibeam Avenues expressed its intention to leverage the equity acquisition in XDuce to significantly increase its international business contribution to the company’s total revenue within the next two years. The investment aligns with Infibeam’s vision to propel its payment gateway brand, CCAvenue, into the US market and strengthen its position as a global player in the fintech industry.
Rajesh Kumar, CEO of Phronetic.AI, the AI arm of Infibeam Avenues, emphasized the strategic significance of the move, highlighting its potential to penetrate the US market with innovative AI-driven solutions for financial fraud prevention. The stake acquisition will facilitate the integration of Infibeam’s PhroneticAI capabilities into XDuce’s existing framework, paving the way for enhanced product offerings and expanded market reach.
Vishwas Patel, joint managing director of Infibeam Avenues, shared the company’s ambitious goal of growing its international business from less than 10% to 30% of total revenue in the next couple of years. The partnership with XDuce represents a pivotal step towards achieving this objective, as Infibeam aims to capitalize on XDuce’s expertise and established clientele in North America.
Founded in 2006 and headquartered in New Jersey, XDuce specializes in business application implementations, integration, and business transformation services, catering to esteemed clients such as Bank of America, Morgan Stanley, and Deutsche Bank. The collaboration with Infibeam Avenues marks a significant milestone for XDuce, as it seeks to broaden its product offerings and deliver cutting-edge AI-driven technologies for transaction fraud detection and prevention in the US market.
Jay Dave, CEO of XDuce, expressed enthusiasm about the strategic investment, highlighting the mutual benefits of the partnership and the potential to deliver unparalleled value to businesses and consumers in the US. The acquisition signifies a shared commitment to innovation and excellence, as Infibeam Avenues and XDuce embark on a collaborative journey towards shaping the future of fintech solutions on a global scale.