New Delhi, April 19 (IANS): Aurionpro Solutions on Friday announced the strategic acquisition of banking and insurance-focused PaaS (Platform-as-a-Service) startup Arya.ai to power next-generation enterprise AI platforms for financial institutions globally.

Under the terms of the agreement, Aurionpro will acquire a 67 per cent stake in Arya.ai, which will bring products and expertise in artificial intelligence, deep learning, intelligent automation, PaaS, autonomous AI platforms, and tailored industry solutions.

"The acquisition of Arya.ai brings together Aurionpro’s portfolio of industry-leading enterprise software with one of the most mature enterprise AI platforms focused on the needs of banks and insurers," Ashish Rai, CEO of Aurionpro Solutions, said in a statement.

According to the company, the transaction includes the acquisition of shares held by the existing shareholders and the subscription of new equity capital in the company.

"This will be an all-cash deal. The aggregate investment including secondary acquisition and fund infusion is approximately $16.5 million," the statement added.

By integrating Arya.ai’s AI cloud platform with Aurionpro's suite of offerings, the company intends to create an industry-leading enterprise AI platform sharply focused on creating value for financial institutions globally.

"Our decade-long experience in building tools/platforms for deep learning helped us build a truly verticalised AI operating system for banking and insurance. We’ve been growing 3x year-on-year in the last couple of years and have been profitable,” said Vinay Kumar, CEO and Founder of Arya.ai.