Private Equity Other Private Equity/Strategic Investments
Infibeam acquires 20% stake in IT Services co. XDuce for $10-M
Source XDuce (opens in a new tab)Press Release (opens in a new tab)
Listed fintech company Infibeam Avenues Ltd has invested USD 10 million for a 20% stake in XDuce , a fellow Ahmedabad and Edison, NJ (USA)-based enterprise application and AI development company. XDuce has a team of over 150 software developers serving BFSI clients in the US. It had reported a turnover of USD 21.41 million for FY 2023, down from USD 27.02 million in the previous year.Infibeam Avenues plans to tap XDuce’s network for extending its Fraud-detection and Authentication and Risk identification (FAR) AI technology as well as its CCAvenue payment gateway service in the US market.