Business

TVS Motor buys $1.95 mn shares in Scienaptic Systems

Two-and-three-wheel manufacturer TVS Motor Company said that it had acquired additional shares in the U.S.-based information technology company Scienaptic Systems Inc.

TVS Motor (Singapore) Pte. Ltd, a wholly owned subsidiary of TVS Motor Company Ltd. (TVSM), is already a shareholder of Scienaptic.

TVSM would seek the approval of the Reserve Bank of India before closing the investment. The transaction is expected to be completed by August 1.

TVS Motor acquired 6,09,358 shares for a cash consideration of $19.50 lakh. It included 5,87,053 ordinary shares and 22,305 of Series A preferred stock.

This additional acquisition of shares in Scienaptic would further strengthen TVSM’s partnership with Scienaptic as they continue to pursue bottomline impact for Fortune 100 companies and leverage Scienaptic’s technology platform for the benefit of TVSM and its subsidiaries, the parent company said in a regulatory filing.

Scienaptic is an AI-powered decision-making platform company providing end-to-end big data analytics and risk management solutions to its customers. Scienaptic’ technology platform ‘Ether’ enables enterprises to improve risk and credit assessment, monitor evolving fraud patterns and improve customer experience, it added..

For FY19, the U.S. firm posted a revenue of $28,60,691.

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Printable version | Feb 22, 2020 1:33:12 PM | https://www.thehindu.com/business/tvs-motor-buys-195-mn-shares-in-scienaptic-systems/article30813211.ece

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