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Zebi, a blockchain player, has acquired Element42, a Bengaluru-based firm working in the same space, for an undisclosed sum. Post acquisition, Zebi will have a total workforce of 75.
This acquisition will transfer all of Element42’s clients to the acquirer.
“We are going to double the number of employees this year. We will add 150 in the following year,” said Sudheer Kuppam, Chief Executive Officer of Zebi.
Addressing a press conference to announce the acquisition, he said the company is looking to have 1,000 employees in the next 3-4 years, as it expands blockchain-based services.
“We are looking at launching solutions for telecom, BFSI (banking, financial services and insurance) and logistics industries in the next few months,” he said.
The firm has implemented a Blockchain-based land registry solution, Zebi Asset Chain, for Amaravati, the new capital of Andhra Pradesh.
Founded by IIT-Kharagpur alumnus Pruthivi Rao, Element42 offers anti-fraud and transparency solutions. “Our platform uses blockchain, Internet of Things and analytics to provide protection against fraud and counterfeiting,” Pruthivi Rao said.
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