KFintech acquires WebileApps to accelerate Digital Transformation and Expand Offerings

KFin Technologies Limited ("KFintech"), a leading provider of global investor and issuer solutions, today announced its decision to invest and acquire 100% equity stake into WebileApps (India) Private Limited ("WebileApps"), 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. Post this investment, WebileApps shall become a wholly owned subsidiary of KFintech.

The acquisition will integrate KFintech's deep domain knowledge with WebileApps's technical expertise, offering clients with world-class products and platforms with the potential to unlock new revenue streams and markets. KFintech and WebileApps have worked together for six years, ensuring seamless technology-led integration for immediate realization of benefits for its clients and the Company. The acquisition offers several advantages, including accelerated product development in SaaS and PaaS models, brings in additional cloud, artificial intelligence ("AI") and design expertise that will differentiate KFintech and help explore untapped segments and geographies besides adding significant value to its clients.

On the occasion, Sreekanth Nadella, Managing Director and Chief Executive Officer of KFintech, said, "At KFintech, we leverage cutting edge technology solutions to transform the mission critical operations of 5,000+ clients locally and globally. This acquisition will further foster the culture of digital innovation for both KFintech and its clients, driving business growth, customer acquisition and engagement. WebileApps' offerings in the space of mobility solutions, UI/UX, AI driven conversational bots amongst others in BFSI sector will add critical strength to KFintech and its clientele.

Nazish Hussain Mir, Co-Founder and Chief Executing Officer, WebileApps, said, "This acquisition is highly synergistic and with the integration of WebileApps' over decade of experience, in serving clients globally, and our expertise in design and development, this acquisition is committed to enabling digital transformation for clients, leveraging cross-functional teams with domain-specific knowledge to create world-class products that meet the needs of today's digital landscape."

Shares of Kfin Technologies Limited was last trading in BSE at Rs. 286.20 as compared to the previous close of Rs. 282.35. The total number of shares traded during the day was 2712 in over 496 trades.

The stock hit an intraday high of Rs. 286.50 and intraday low of 281.05. The net turnover during the day was Rs. 771198.00.

Source : Equity Bulls

Keywords

KfinTechnologies INE138Y01010 KFINTECH Intermediaries Acquisition WebileAppsIndia