Companies

TVS Motor increases stake in US-based Scienaptic Systems

Our Bureau Chennai | Updated on February 13, 2020

TVS Motor Company

TVS Motor Company, India’s third-largest motorcycle-maker, announced on Thursday that it has acquired additional shares Scienaptic Systems Inc, a US-based information technology company.

In an exchange filing, the Chennai-based two- and three-wheeler company said: “TVS Motor (Singapore) Pte. Limited, a wholly owned subsidiary of TVS Motor Company Ltd (TVSM), is already a shareholder of Scienaptic. This additional acquisition of shares in Scienaptic, would further strengthen TVS Motor (Singapore) Pte. Limited’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 acquisition is for a cash consideration of approximately $1,950,000 for 6,09,358 shares, which includes 5,87,053 ordinary shares and 22,305 Series A preferred stock.

Prior approval of the Reserve Bank of India will be sought before closing the investment, the disclosure stated.

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.

Published on February 13, 2020

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