Cygnet Infotech acquires majority stake in startup Glib.ai

Cygnet Infotech has announced the acquisition of a majority stake in Glib.ai, a startup that helps businesses achieve last-mile automation by providing document analysis. Using their 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 able to fully automate their purchase and other operations, Bill of Entry, and underwriting processes with the aid of Glib.ai., helping in immediate reduction of resource cost and turn-around-time, it claimed.

Cygnet Infotech and Glib clients across BFSI, Manufacturing, Logistics and 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, “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.”

Dr. Mohit Shah and Purav Parekh, Co-Founders of Glib, will continue to run its operations. “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 Shah.

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

Published on: Wednesday, March 16, 2022, 01:56 PM IST