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Fintech company Infibeam Avenues saw its share price rise 10%; INRDuring the day today (Monday), the company announced a $10 million investment to acquire a 20% strategic stake in XDuce, a well-known US-based enterprise application and AI development company. The transaction was priced at $37.90 per piece.
Headquartered in New Jersey, XDuce has a team of more than 150 software developers in the United States, serving some of the most influential Wall Street and North American insurance customers. The company is known for its expertise in business application implementation, integration services, and business transformation.
XDuce’s esteemed clients include industry giants such as Bank of America, Morgan Stanley, Capgemini, Hollingsworth & Vose, Deutsche Bank, BNP Paribas, Goldman Sachs, NYP, QBE, IEEE, and FMCNA .
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The partnership will give Infibeam Avenues the strategic advantage of leveraging this brilliant network for its Phronetic AI Solutions and CCAvenue Payments businesses in the US, Infibeam said in an exchange filing on Saturday (February 24). Stated.
“On Saturday, the Board of Directors approved the stock acquisition of XDuce. It’s a movement.”
“This integration aims to increase the intelligence quotient of XDuce’s solutions by incorporating PhroneticAI’s fraud detection and authentication and risk identification (FAR) AI technology specifically for the U.S. financial sector,” the company said. Ta.
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Additionally, the company said XDuce will strengthen the expansion of its payment gateway brand CCAvenue in the US and solidify its presence in the lucrative financial sector.
This strategic initiative is expected to redefine the direction of Infibeam’s international operations as the company strives to increase the contribution of its international operations to its overall revenue within the next two years.
“Last year, international operations accounted for less than 10% of Infibeam Avenues’ total revenue, and over the next two years we plan to grow our international operations to 30% of total revenue. We will support the growth of CCAvenue payments business and our platform business in the US,” said Vishwas Patel, Co-Managing Director, Infibeam Avenues.
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Infibeam Avenues is an Indian multinational financial technology company that provides an integrated and scalable digital platform consisting of digital payment solutions under the brand name CCAvenue and enterprise software solutions under the brand name BuildaBazaar.
According to the company’s website, it is the only publicly traded, homegrown and profitable fintech conglomerate with a comprehensive fintech portfolio.
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The company’s stock price started rising last September and has maintained this trend ever since.During this period, stock prices rose sharply INR14.60 each to current trading price INRA remarkable recovery of 37.154% was recorded.
2024 Q3 Scorecard
In the third quarter, the company achieved its highest quarterly profit after tax (PAT) ever. INR$421 billion. This reflects a significant increase of 64% compared to net income. INRIn the same period last year, sales amounted to 25.7 billion yen. Additionally, the company reported the highest EBITDA. INR69 million, a 45% year-over-year growth.
Third quarter gross revenue increased 120% year-over-year, net revenue increased 33% year-over-year; INR11.228 billion. The company said this impressive performance was due to the synergistic effects of the Christmas season and increased adoption of its CCAvenue payment solution by merchants.
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The company maintains its financial outlook for FY24 and maintains the following range: INRTotal revenue 300-330 billion, INRNet revenue is 410 million to 41.5 billion; INREBITDA is 230 million to 235 million, and INRProfit after tax is 130 million to 15 billion.
Disclaimer: We recommend checking with a certified professional before making any investment decisions.
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