Aurionpro Solutions To Acquire Arya AI For USD 16.5 Million By CIOTechOutlook Team

Aurionpro Solutions To Acquire Arya AI For USD 16.5 Million

CIOTechOutlook Team | Saturday, 20 April 2024, 03:24 IST

Aurionpro Solutions, a software company, announced the acquisition of Arya.ai, a banking and insurance-focused business, for $16.5 million (about Rs 138 crore). In the all-cash transaction, NSE-listed Aurionpro Solutions would acquire a 67% share in the Mumbai-based firm.

Platform-as-a-service Arya.ai, created in 2013 by IIT Bombay graduates Vinay Kumar and Deekshith Marla, has raised approximately $2 million from investors including YourNest, DMI Sparkle Fund, and Venture Nursery. Kumar noted that the majority of these investors, with the exception of a few angels, would quit the cap table following the transaction.

According to Aurionpro Solutions CEO Ashish Rai, the acquisition would boost the company's commercial offerings by leveraging Arya.ai's enterprise artificial intelligence (AI) capabilities. “The acquisition empowers us to expand our geographical footprint into the US and Southeast Asia, tapping into new markets and opportunities,” Rai said.

Aurionpro Solutions currently earns over 60% of its revenue from India and 40% from the rest of the world, with the United States accounting for approximately 8% and Europe, West Asia, and Africa contributing for 4%.

Arya.ai provides cloud-based AI technologies to its financial sector clients, assisting them with data analysis, risk underwriting, and fraud monitoring. It also automates the reading and analysis of bank statements, as well as the collection of client KYC information, all of which are required for banks, lending businesses, and insurers to conduct business.