Software-as-a-service company Perfios Software Solutions said Friday it has acquired CustomerXPs Software Pvt Ltd in a bid to strengthen its fraud management and anti-money laundering capabilities.
The acquisition of CustomerXPs, which operates the financial crime management platform Clari5, will also help Perfios strengthen its presence across the Middle East, North Africa, and Southeast Asia, the company said in a statement. It didn’t disclose the financial terms of the transaction.
Clari5’s platform enables banks to detect, investigate, and prevent fraud. Its product suite encompasses fraud mitigation, risk management, and anti-money laundering. It says it processes over 10 billion transactions on a monthly basis and manages more than 1 billion accounts. The platform manages over 340 million accounts, with customers across 15 countries.
“Clari5’s real-time financial crime management platform, trusted by marquee financial institutions worldwide, perfectly complements Perfios’ mission to deliver secure, scalable, and tech-first solutions,” said Sabyasachi Goswami, chief executive officer, Perfios.
The latest acquisition is in line with the company’s overall strategy to pursue inorganic growth opportunities. In 2022, Perfios acquired financial technology platform Karza Technologies for an undisclosed amount.
The Bengaluru-based company was incorporated in 2008 by VR Govindarajan and Debashish Chakraborty. The founders currently hold a stake of around 10% in the company while PE firms Warburg Pincus and Kedaara Capital and VC investors Bessemer and Teachers’ Venture Growth collectively own almost 87%.
In early 2024, the company entered the coveted unicorn club after raising $80 million from late-stage investor Teachers’ Venture Growth. A unicorn is a company that has attained a valuation of $1 billion.
Perfios offers SaaS-based products and services to banks and other financial institutions spanning the entire customer lifecycle, including origination, digital know-your-customer verification, credit assessment and fraud detection.
The company operates in 16 countries across Southeast Asia, West Asia and Africa. Globally, it competes with companies such as accounting software firm QuickBooks and business management software company NetSuite. The company’s clients include State Bank of India, ICICI Bank, Axis Bank, HDFC Bank, Kotak Mahindra Bank, IIFL Finance, Hero Fincorp, and Piramal Capital & Housing Finance Ltd.
The company’s consolidated revenue from operations climbed 37% to Rs 557.8 crore in FY24 while earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 66% to Rs 117.2 crore. Its consolidated net profit for FY24 surged nine-fold from the year before thanks to a drop in tax outgo, according to its financial statements.
