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Friday, February 23, 2024

Cygnet Infotech buys majority stake in AI startup Glib to allow clients to leverage combined offerings

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Cygnet Infotech has completed a deal to buy a majority stake in an AI startup.  The deal will allow clients to leverage the two firms’ integrated digital transformation offerings.

Cygnet Infotech, a homegrown technology company, has announced the acquisition of a controlling share in a startup in the Artificial Intelligence (AI) sector,  Glib.ai that assists businesses with last-mile automation.

Clients of Cygnet Infotech and Glib in BFSI, manufacturing, logistics and supply chain, and other industries will now be able to take advantage of the integrated digital transformation offerings of the two companies.

Clients from India, North America, Europe, the Middle East, and Africa are served by Cygnet Infotech.

Niraj Hutheesing, founder and director, Cygnet Infotech, said, “The deal to acquire a majority stake in Glib, will allow us to combine the startup’s high-tech OCR reading capabilities for bank statement analysis, financial statement analysis, and invoice analysis with our tax technology and fintech solutions to provide the most advanced solutions to our global BFSI and other enterprise clients.” The deal was completed for an unknown sum.


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