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Cygnet Infotech acquires majority stake in an emerging Artificial Intelligence start-up

  • Ahmedabad, India
  • March 15, 2022
  • 2 minutes read

Cygnet Infotech has seen consistent growth of over 25% YoY

  • It has acquired a majority stake in Glib.ai, a fast-growing start-up focused on Automation, AI & ML.
  • Combines forces to multiply the power of Intelligent document automation and hi-tech OCR with Cygnet Infotech’s proprietary RPA platform
  • The team of Glib will now join Cygnet Infotech. The acquisition will enable Cygnet Infotech’s clients to leverage enhanced AI capabilities.

Cygnet Infotech, is a global technology company with its headquarters in Ahmedabad, India. It is one of the most trusted technology product and services organization which caters to clients across India, North America, Europe, the Middle East, and Africa.  

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. Thus, analyzable information from relevant documents is obtained within seconds, thereby enabling real-time decision making for clients Organizations are thereby able to fully automate their purchase and other operations, Bill of Entry, and underwriting processes with the aid of Glib.ai., helping in an immediate reduction of resource cost and turn-around-time. 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 Mr. 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.

About Cygnet Infotech:

Cygnet Infotech works with clients across 35 countries including Fortune 500 enterprise corporations, medium-sized businesses, fast-paced start-ups, and Government Bodies. It has teams across multiple regions and its offerings range from products and platforms for Tax Technology, Fintech, E-signing, RPA, Test Automation to Technology Services including software product engineering and digital transformation services. Aligned with its vision of providing technology-enabled business solutions, Cygnet Infotech delivers end-to-end solutions for clients’ most pressing business needs. Discover more at: Cygnet Infotech

About Glib.ai

Glib provides businesses with last-mile automation for various business processes including banking operations and lending processes. Glib reduces resources cost and turn-around time by leveraging its AI & ML document processing ability which converts documents into analyzable information within seconds. Discover more at glib.ai

Media Contact

Rachna Rawat: rachna.rawat@cygnetinfotech.com

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