Cygnet Infotech, is a global technology company with its headquarters in Ahmedabad, India. It has announced the acquisition of a majority stake in Glib.ai, a growing startup 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, analysable information from relevant documents is obtained within seconds, thereby enabling real-time decision making for clients Organisations 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 and Supply Chain, and others will now be able to further leverage the combined digital transformation offerings of the two organisations.
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 and 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 their operations under the tutelage of Cygnet Infotech. “We are excited to bring together the respective strengths of the two organisations. 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.