Objective
Orbo (also on Shark Tank), is a startup focused on AI solutions based on their document reading capabilities and now focused on a solution for beauty. Orbo was looking to divest their tech stack focused on document processing which was largely focused on banks and financial institutions.
Done Deal edge
The business segment was listed on the platform focusing primarily on their capability, existing client base and potential use cases. The sellers had 15+ conversations with potential investors through the platform, finally receiving an offer from a fintech player who wanted this exact capability to improve their own product offering.
Outcome
The business segment was acquired along with the tech stack, product suite, clients and team moving to the acquirer.
We are thrilled to further our relationship with SuperScan, a fintech platform of Orbo.ai,” said Tashwinder Singh, Niyogin’s MD&CEO, echoing the company’s excitement. “While SuperScan will help streamline our internal processes, the real opportunity lies in creating AI-based assisted and unassisted tools for our partners. This opens up a number of possibilities, empowering a network of players enabling faster onboarding, seamless document verification, and robust fraud protection – all accessible through an AI-powered umbrella.
The opportunity to house the ‘Superscan” platform with an established player like Niyogin gives us the confidence to deliver the impact that we believe our technology solutions can deliver,” remarked Manoj Shinde, CEO and Founder of Orbo.ai
Article link
https://inc42.com/buzz/niyogin-to-acquire-shark-tank-featured-orbos-ai-platform-for-the-bfsi-sector/
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