Aurionpro Solutions was locked in upper circuit of 5% at Rs 2,437.45 after its board approved acquisition of 67% stake in Mumbai-based banking and insurance focused PaaS startup, Arya.ai, operated through legal entity Lithasa Technologies.
With Arya.ai, Aurionpro will enhance its portfolio of enterprise fintech offerings to expedite the adoption of AI that is responsible, accurate, and auditable, aligning strongly with the rapidly evolving demands of banks and insurers.Under the terms of the agreement, Aurionpro will acquire 67% in Arya.ai. This acquisition will bring products and expertise in AI, deep learning, intelligent automation, PaaS, autonomous AI platforms, and tailored industry solutions, to complement and strengthen Aurionpros existing industry leading portfolio. Arya.ai Enterprise AI solutions are trusted by more than 100 banks and insurers across Asia.
The transaction comprises acquisition of shares held by the existing shareholders and subscription of new equity capital in the company. The aggregate investment including secondary acquisition and fund infusion is approximately $16.5 million or Rs 135.20 crore.
By integrating Arya.ais AI cloud platform, with Aurionpro's comprehensive suite of offerings, the company stated that it intends to create an industry leading enterprise AI platform sharply focused on creating value for financial institutions globally.
Leveraging Arya.ais expertise in AI solutions and comprehensive governance tools will greatly accelerate Aurionpros vision of creating the next generation of highly differentiated software that leads the industry in helping financial Institutions realize true business value from Enterprise AI, added the IT company.
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Lithasa Technologies is a private limited company incorporated on 11 October 2013, primarily engaged in the business of providing pre-trained machine learning models such as APIs and finetuning ML models for banks, insurers, and financial services. The company recorded a turnover of Rs 20.50 crore during the FY 2023-24.
Aurionpro Solutions is an advanced technology solutions company catering to the needs of the banking, mobility, payments and government sectors.
The company's consolidated net profit rose 13.34% to Rs 37.55 crore on 9.28% increase in net sales to Rs 230.75 crore in Q3 FY24 over Q2 FY24.
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