Last session, the stock of leading provider of technology solutions TraQiQ Inc (OTCQB: TRIQ) closed at $1.6800, up 64.71%. During the session, the TraQiQ stock price fluctuated between $1.1600 and $1.6800. TRIQ stock surged after it entered into an acquisition deal.
The deal was for what?
TraQiQ Inc. is a global technology company specializing in tools for identifying customers, facilitating and fulfilling transactions. In addition to increasing customer loyalty, improving profitability, and driving efficient financial transactions, TRIQ’s leading-edge FinTech and AI solutions are being utilized across leading multi-national companies around the world.
In a company announcement last week, TraQiQ said it had signed a non-binding Letter of Intent to acquire Ascent Business Technology.
- With locations in Singapore, Dubai, India, and North America, Ascent offers a wide range of Fintech solutions to the Enterprise market.
- Cloud-based software solution provider Ascent helps companies manage financial risk, control, and resilience.
- Ascent’s robust platform used with this solution provides intelligent insights based on machine learning and artificial intelligence.
- Offerings by Ascent include financial reconciliation products, regulatory reporting tools, and resilience software for enterprises.
How will the deal benefit TRIQ?
The geographic reach of Ascent will enable TraQiQ (TRIQ) to reach a global audience. Revenue at TRIQ increased by over 30% in Q1 compared to the previous quarter. TRIQ expects its revenue run-rate to be $20M by the end of the current year with the acquisition of Ascent and its current growth plans.