KFin Technologies Ltd to acquire WebileApps India Pvt Ltd

KFin Technologies Limited ("the Company") has entered into definitive agreement on April 06, 2023, for subscribing to 1,60,000 Equity Shares of WebileApps (India) Private Limited ("WebileApps") for a consideration of Rs. 11,00,00,000 translating into an equity shareholding of 100.00% of the post-issue share capital of WebileApps ("Transaction"). Post this investment, WebileApps shall become the wholly owned subsidiary of the Company. WebileApps has a whollyowned subsidiary, namely WebileApps Technology Services Private Limited. The transaction is subject to customary closing conditions.

Founded in 2011, WebileApps (India) Private Limited ("WebileApps") is a Hyderabad-based enterprise product development and design company specialising in artificial intelligence, machine learning, mobility solutions, UI / UX, and other products development for banking and financial services industry. Its service offerings evolved to encompass the entire product development life cycle, such as business analysis, design, development, DevOps, CI / CD, UI / UX and quality assurance.

WebileApps has been instrumental in delivering a first of its kind buy-now-pay-later platform to Unplank, a client in the United States, platforms like MF Central and others in India, and serviced several other fortune 500 companies like SAP, CISCO, and Microsoft.

Shares of Kfin Technologies Limited was last trading in BSE at Rs. 282.35 as compared to the previous close of Rs. 285.50. The total number of shares traded during the day was 5348 in over 711 trades.

The stock hit an intraday high of Rs. 287.75 and intraday low of 278.45. The net turnover during the day was Rs. 1501694.00.

Source : Equity Bulls

Keywords

KfinTechnologies INE138Y01010 KFINTECH Intermediaries Acquisition WebileApps