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Aurionpro Solutions to acquire 67% stake in Mumbai-based start-up Arya.ai

The acquisition, valued at approximately $16.5 million, will involve acquiring shares from existing shareholders and subscribing to new equity capital

Aurionpro Solutions

Aurionpro Solutions

Nandini Singh New Delhi

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Aurionpro Solutions Limited has announced the strategic acquisition of Mumbai-based Arya.ai, a Platform as a service (PaaS) startup focused on banking and insurance. This move aims to enhance Aurionpro's enterprise fintech offerings, facilitating the adoption of AI in a responsible, accurate, and auditable manner.

As part of the agreement, Aurionpro Solutions Ltd. will acquire a 67 per cent majority stake in Arya.ai, bringing in expertise in artificial intelligence (AI), deep learning, intelligent automation, PaaS, and tailored industry solutions. 

The acquisition, valued at approximately $16.5 million, will involve acquiring shares from existing shareholders and subscribing to new equity capital, making it an all-cash deal. Four-S Services acted as the transaction advisor to Arya.ai.

Aurionpro intends to integrate Arya.ai's AI cloud platform with its suite of offerings to create a leading Enterprise AI platform for financial institutions worldwide. This collaboration aims to accelerate the realisation of true business value from Enterprise AI by leveraging Arya.ai's expertise in AI solutions and comprehensive governance tools.

Commenting on the acquisition, Ashish Rai, CEO of Aurionpro Solutions, stated, "The acquisition of Arya.ai brings together Aurionpro's portfolio of industry-leading enterprise software with one of the most mature Enterprise AI platforms focused on the needs of banks and insurers. We are incredibly excited about working with Arya.ai and our wider ecosystem partners to build out the leading Enterprise AI platform for the financial industry worldwide."

Vinay Kumar, CEO and founder of Arya.ai, also emphasised the importance of making AI acceptable and scalable in the financial industry. 

"Making AI acceptable and scalable in the financial industry is extremely different and hard. It is relatively easy to use a new AI technique like multilayer perceptrons [MLPs] or a self-supervised learning system and deploy the model. But to make it acceptable in a highly regulated industry like banking or insurance, it needs to be stable, reliable, explainable, auditable, compliant, and safe to use. Our decade long experience in building tools/platforms for deep learning helped us to build a truly verticalised AI operating system for banking and insurance. We've been growing 3x YoY in the last couple of years and have been profitable," he saif.

"Together with Aurionpro, we are going to build a new generation of Enterprise AI software for banks and insurers that truly embed AI, augmenting a task or autonomous agents that can take over entire transactions," he added.

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First Published: Apr 19 2024 | 1:33 PM IST

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