Business News: Gandhinagar-based fintech firm Infibeam Avenues Ltd has acquired a 20% stake in US-based XDuce, an enterprise application and AI development firm, for $10 million.
Infibeam aims to enhance the contribution of international business to the company’s total revenue over the next two years through its partnership with XDuce, a US-based enterprise application and AI development firm.
As a part of the agreement, XDuce will assist in expanding the US operations of Infibeam’s payment gateway brand, CCAvenue, and integrate Infibeam’s Phronetic AI solutions into its current framework.
“Last year, international business contributed less than 10% to Infibeam Avenues Ltd’s total revenue, and we plan to grow international business to 30% of total revenue in the next couple of years. This strategic investment in XDuce will support the growth of CCAvenue payments business as well as our platform business in the US,” said Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd.
Headquartered in New Jersey, USA, XDuce has a team of over 150 software developers. It provides application implementation, integration services, and business transformation services to Wall Street and insurance clients in North America, including Bank of America, Morgan Stanley, Capgemini, and Deutsche Bank.
“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,” said Jay Dave, CEO of XDuce.
Infibeam Avenues is an AI-powered global fintech company founded in 2007 in Gandhinagar. The company provides payment acquiring and issuing solutions to businesses and merchants, offering payment gateways, payment cards with lending operations for corporates, digital banking suites, money transfer solutions, and correspondence banking services. It is headquartered at Gujarat International Finance Tech-City (GIFT).