TVS Motors acquires additional shares in US based Synaptic Systems for USD 1.9 million

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Biznextindia : TVS Motor Company, a leading Indian two-wheeler and three-wheeler maker on Thursday announced the acquisition additional 609,358 shares of US based Synaptic Systems Inc for an all cash consideration of USD 1.9 million.

TVS Motors is already a stakeholder in the US firm through its wholly owned subsidiary TVS Motor (Singapore) Pte. Limited. This acquisition of additional 609,358 shares in Scienaptic, would further strengthen TVS Motor (Singapore) Pte. Limited’s partnership with Scienaptic as they continue to pursue bottom-line impact for Fortune 100 companies and leverage Scienaptic’s technology platform for the benefit of the TVSM and its subsidiaries. The deal is expected to be completed by August 2020.

Incorporated in 2014 in the US, Scienaptic is an Artificial Intelligence (AI) powered decision making platform company providing end-to-end big data analytics and solutions and risk management solutions to its customers. Its technology platform ‘Ether’ enables enterprises to improve risk and credit assessment, monitor evolving fraud patterns and improve customer experience. In the 2018-20 financial year, Scienaptic had reported a turnover of USD 2.8 million.

 

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