26-Feb-2024
2 mins read
Artificial Intelligence-powered fintech company Infibeam Avenues’ stock price surged more than 6% on Monday, February 26, 2024. Infibeam announced an investment of $10 million to acquire a 20% stake in the U.S.-based XDuce company.
On Saturday, the Board of Directors approved the equity acquisition of XDuce. It is a strategic move to integrate Infibeam company capabilities into XDuce’s existing framework as well as payments business growth in the U.S market.
The integration aims to enhance the intelligence quotient of XDuce solutions. Through this acquisition move, Infibeam Avenues aims to boost its international business contribution toward its total revenue in the next two years.
Infibeam also stated that XDuce will support the expansion of its payment gateway brand, CCAvenue, in the United States.
Management Statement of Both Companies
Mr Vishwas Patel, Joint Managing Director, Infibeam Avenues said “Last year, the international business contributed less than 10% to Infibeam Avenues’ total revenue, and we plan to grow the international business to 30% of total revenue in the next couple of years. This strategic investment in XDuce will support the growth of the CCAvenue payments business as well as our platform business in the US,”
“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 Past Price Performance
In the last month, Infibeam share price recorded a gain of 63.26%, It sustained above the Rs 30 mark. After spending some time in the narrow-range consolidation, the shares of Infibeam regained momentum, and buying interest was visible.
On Friday, February 23, 2024, Infibeam’s share price closed the session at Rs 34.50, a decline of 1.43%. Today, Company shares showed a sudden rise with a high buying volume and currently, the stock is ticking at Rs 36.90.