infibeam avenues: Infibeam Avenues picks up 20% stake in US-based AI company XDuce

Payments solution provider Infibeam Avenues has picked up a 20% stake in US-based enterprise application and artificial intelligence development company XDuce for $10 million.

On Saturday, the board of directors has approved the equity acquisition in XDuce as it aims to boost its international business contribution to the company’s total revenue in the next two years, the Gujarat-based company said in a statement.

The stake acquisition will support the US growth of Infibeam’s payment gateway brand, CCAvenue, it said.

“This strategic move will enable Infibeam Avenues to penetrate the US market with our AI fintech solutions for the financial fraud prevention space,” said Rajesh Kumar, CEO of Phronetic.AI, the AI arm of Infibeam Avenues.

The statement added that the move will help Infibeam integrate its PhroneticAI capabilities into XDuce’s existing framework.

“Last year, international business contributed less than 10% to Infibeam Avenues Ltd’s total revenue and we plan to grow the international business to 30% of total revenue in the next couple of years,” said Vishwas Patel, joint managing director of Infibeam Avenues.

Founded in 2006, New Jersey-headquartered XDuce provides business application implementations, integration, and business transformation services to clients in North America with a team of 150 software developers. Its clients include Bank of America, Morgan Stanley, Capgemini, Hollingsworth & Vose, Deutsche Bank, BNP PARIBAS, and Goldman Sachs. “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.