Cygnet Infotech acquires majority stake in AI start-up

Cygnet Infotech has announced the acquisition of a majority stake in Glib.ai, a growing start-up that helps businesses achieve last-mile automation by providing document analysis. Using their indigenous AI and ML technology, created by a team of expert research scientists, they extract data from documents and process the data by taking into consideration an array of information like position, context and structure.

Cygnet Infotech and Glib clients across BFSI, Manufacturing, Logistics & Supply Chain and others will now be able to further leverage the combined digital transformation offerings of the two organizations.

On this recent acquisition, Niraj Hutheesing stated, “We are very happy that Glib has become a part of the Cygnet Infotech family. With this majority stake acquisition, we will be able to leverage Glib’s hi-tech OCR reading capabilities for Bank Statement Analysis, Financial Statement Analysis and Invoice Analysis and combine it with our Tax Technology & Fintech solutions to bring the most advanced solutions for our global BFSI and other enterprise clients.”

The co-founders of Glib, Dr. Mohit Shah and Purav Parekh, will continue to run its operations under the tutelage of Cygnet Infotech.

“We are excited to bring together the respective strengths of the two organizations. The Cygnet Infotech brand and their decades of experience shall help us align our offerings to a larger enterprise audience and create a truly world class product suite,” observed Dr. Mohit Shah.

Cygnet Infotech recently underwent a rebranding exercise to unify all its sub-brands under one master brand of Cygnet Infotech.