KFin Technologies Limited announced its decision to invest and acquire 100% equity stake into WebileApps (India) Private Limited for a cash consideration of Rs. 11,00,00,000 for purchase of 100% equity stake.
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.
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 including accelerated product development in SaaS and PaaS models, brings in additional cloud, artificial intelligence and design expertise.nts.
Sreekanth Nadella, Managing Director and Chief Executive Officer of KFintech, said, “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.”