lnfibeam Avenues set to acquire US-based AI Fintech

lnfibeam Avenues has signed a binding agreement for the acquisition of 100 per cent shareholding of AI Fintech.

AI Fintech is US-based company operating in information technology and digital payments industry with a turnover of USD 1,25,158 in FY2018.

lnfibeam Avenues will pay the entire consideration in cash and is likely to complete the acquisition in 30 days. With this, AI Fintech will become a wholly-owned subsidiary of Infibeam Avenues.

Apart from this, Infibeam Avenues will also get an opportunity to expand its digital payment business in United States.

Infibeam Avenues is engaged in providing software development services, maintenance, web development, e-commerce and other ancillary services. Looking at the price history of Infibeam Avenues, it has delivered a negative return of 26 per cent over the last one year.

Today, the stock of lnfibeam Avenues opened at Rs 36.05 and declined by 3 per cent and made an intraday low of Rs 34.65 on BSE.