Infibeam Avenues stock skyrockets 10% on expansion into US markets with XDuce partnership
Infibeam Avenues, a fintech firm, saw its shares gain 10% to ₹37.90 apiece in today's (Monday) intraday trade after the company announced an investment of $10 million for the acquisition of a 20% strategic stake in XDuce, a renowned enterprise application and AI development company based in the United States. With headquarters in New Jersey, USA, XDuce has a team of over 150 software developers in the US, servicing some of the marquee Wall Street and insurance clients in North America.
The company is renowned for its expertise in business application implementation, integration services, and business transformation. XDuce's esteemed clientele includes industry titans such as Bank of America, Morgan Stanley, Capgemini, Hollingsworth & Vose, Deutsche Bank, BNP Paribas, Goldman Sachs, NYP, QBE, IEEE, FMCNA, and many more.
Also Read: Stocks To Buy: HDFC Securities sees 14-18% upside for SAIL By joining forces, Infibeam Avenues will gain the strategic advantage of tapping into this illustrious network for its Phronetic AI Solutions and CCAvenue Payments business in the US, Infibeam said in an exchange filing on Saturday (February 24). "On Saturday, the board of directors approved the equity acquisition in XDuce.
It’s a strategic move to integrate Infibeam Avenues PhroneticAI capabilities into XDuce’s existing framework as well as support platform and payments business growth in the US market." "This integration is aimed at enhancing the intelligence quotient of XDuce's solutions, especially by embedding PhroneticAI fraud detection and authentication and risk identification (FAR) AI technology for the financial sector in the US," the company said. Also Read: Tata Electric Vehicle Unit eyes $1-2 billion IPO in FY25-26, says
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