TraQiQ has signed a non-binding letter of intent (LOI) to acquire fintech solution provider Ascent Business Technology.
Headquartered in Singapore, Ascent provides cloud based software solutions to B2B Enterprise customers for financial reconciliation, regulatory reporting & enterprise resilience.
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The company also has presence in Dubai, India, and North America.
The acquisition is expected to strengthen TraQiQ fintech offering and expand its global reach.
TraQiQ CEO Ajay Sikka said: “Ascent has a remarkable product offering. They align perfectly with two of TraQiQ’s key product pillars – Machine learning and financial transactions.
“With Ascent’s geographic reach TraQiQ will now have a global footprint. TraQiQ had revenue growth over 30% in Q1 over the previous quarter. With the acquisition of Ascent and our current growth plans, we are on track to get to a run-rate revenue target of $20m by the end of the current year.”
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By GlobalDataAscent founder and CEO Kundan Shekhawat said: “We are excited to be joining hands with the TraQiQ team. We have synergy in our product areas. Plus, the teams complement each other in multiple geographies.
“Our customers around the world including Deloitte, ICICI bank and Mashreq bank will benefit from the additional products and solutions that the TraQiQ family can provide. Our team is committed to providing optimal financial solutions at the right price-points. This combination provides the most value for our customers.”
