The registrar and transfer agent of mutual funds, Computer Age Management Services has inked an agreement with Mumbai-based AI and data science firm Think Analytics (Think360 AI) to buy a majority stake in it.
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is mentioned in a regulatory filing that CAMs will take 55.42% of the total paid-up share capital of Think360 AI through a secondary acquisition, which is expected to be completed before April 10, 2023. After the completion of the acquisition, Think360 AI will become a subsidiary of CAMS and subsidiaries of Think360 AI, Think Analytics Consultancy Services and Think360 AI, Inc., will become step-down subsidiaries of CAMS. The deal’s financial details were not disclosed.
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“The Company will also be entitled to acquiring the remaining shares in phases in accordance with the terms stipulated in the definitive agreements,” it added.
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CAMS MD, Anuj Kumar said that investing in Think360 AI is a good opportunity to assist CAMS in building overall market reach in the BFSI and capital markets space He added that the product and solution suite of Think360 AI is a great fit for CAMS’ recently launched “Account Aggregator” offering.
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Founded in 2013, Think360 AI offers software-as-a service (SaaS)-based products, data science, and technology advisory services to companies in the BFSI, Pharma and retail sectors. TAIPL posted a consolidated turnover of ₹30.87 crore in FY22. In the first nine months of FY23, its consolidated revenue stood at ₹23.51 crore.
