TraQiQ signs LOI to acquire Ascent Business Technology, solidifying its Fintech solution.

Rhea-AI Summary

TraQiQ, Inc. (TRIQ) announced a non-binding Letter of Intent to acquire Ascent Business Technology, enhancing its presence in the fintech sector. Ascent offers cloud-based financial solutions leveraging AI and machine learning, targeting enterprise clients across multiple geographies. With Q1 revenue growth of over 30%, TraQiQ aims for a run-rate revenue of $20 million by year-end. The acquisition is expected to strengthen TraQiQ's product offerings, expand its global footprint, and provide additional value to clients, including major institutions like Deloitte and ICICI Bank.

Positive

• Acquisition of Ascent is expected to enhance TraQiQ's product offerings and market reach.
• TraQiQ reported over 30% revenue growth in Q1 and aims for $20 million in run-rate revenue by year-end.
• Strategic alignment with Ascent's AI and machine learning capabilities.

Negative

• None.

Bellevue WA and New York, May 12, 2021 (GLOBE NEWSWIRE) -- TraQiQ, Inc. (OTC QB: TRIQ) (the "Company" or "TraQiQ"), a leading provider of technology solutions announced today that it has signed a non-binding Letter of Intent to acquire Ascent Business Technology. Ascent, with its presence in Singapore, Dubai, India, and North America offers a stack of Fintech products for the Enterprise market.

Ascent Business Technology offers Cloud based software solutions for Financial control, risk, and resilience. These solutions are based on a robust platform that relies on Machine learning and AI to provide intelligent insights. The company offers products for Financial Reconciliation, Regulatory Reporting & Enterprise Resilience.

“Ascent has a remarkable product offering. They align perfectly with two of TraQiQ’s key product pillars – Machine learning and financial transactions”. Said Ajay Sikka, CEO of TraQiQ. “With Ascent’s geographic reach TraQiQ will now have a global footprint. TraQiQ had revenue growth over 30% in Q1 over the previous quarter. With the acquisition of Ascent and our current growth plans, we are on track to get to a run-rate revenue target of $20m by the end of the current year”.

According to Sandeep Soni who is leading the transaction for TraQiQ “From a transaction processing vantage, the product suite enables transfer of cash flow control from borrowers to Escrow mechanisms in a seamless way enhancing liquidity management, controls, and compliance of business operations for Ascent’s Clients. For Fintech and traditional Financial services companies this significantly bulks up their risk management architecture and is invaluable for the Operations and risk units”

“We are excited to be joining hands with the TraQiQ team. We have synergy in our product areas. Plus, the teams complement each other in multiple geographies” said Kundan Shekhawat, Founder & CEO of Ascent. “Our customers around the world including Deloitte, ICICI bank and Mashreq bank will benefit from the additional products and solutions that the TraQiQ family can provide. Our team is committed to providing optimal financial solutions at the right price-points. This combination provides the most value for our customers”.

“This is an incredibly powerful combination of companies. With their product and geographic reach this team will be a significant player in the Fintech segment.” Said Viney Sawhney, Chairman of the Board at Ascent Business Technology. Viney, who is also professor of Finance at Harvard University focused on M&A, Venture Capital, and Investment banking, played a significant role in bringing the teams together.

About TraQiQ, Inc.

TraQiQ, Inc. is a global technology company with a suite of products designed to help identify customers, facilitate transactions and fulfill transactions. TraQiQ’s leading edge FinTech and AI solutions have been deployed with leading multi-national customers around the world and are helping increase customer loyalty, improving profitability and driving efficient financial transactions. For more information, visit http://www.TraQiQ.com.

About Ascent Business Technology

Ascent Business Technology is a Fintech solution provider headquartered in Singapore. The company provides cloud based solutions for B2B Enterprise customers for Financial Reconciliation, Regulatory Reporting & Enterprise Resilience products across diverse verticals and geographies. Ascent’s Industry focus includes Banking Finance & Insurance, Government, Retail, Technology, Healthcare and Oil & Gas. For more information, visit www.AscentBusiness.com

Additional TraQiQ statement

The company diligently posts updates through videos from the official company’s YouTube channel

https://www.youtube.com/channel/UCxGjqDd7jwB-0qo1_o3isrw

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Cautionary Note Regarding Forward-Looking Statements 

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. The potential risks and uncertainties include, among others, that the reverse stock split may not have the intended benefits, that the Company may not meet applicable NASDAQ Capital Market requirements necessary for listing and/or NASDAQ may not approve the Company's listing application; and any capital raises. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements.

For inquiries:

TraQiQ, Inc.
Tel: +1 425-818-0560
Email: ir@TraQiQ.com

Ascent Business Technology
Email: info@AscentBusiness.com

SOURCE TraQiQ, Inc.

FAQ

What is the purpose of TraQiQ's acquisition of Ascent Business Technology?

The acquisition aims to enhance TraQiQ's fintech product offerings and expand its market presence globally.

When was the Letter of Intent for the acquisition signed?

The non-binding Letter of Intent was signed on May 12, 2021.

How much revenue growth did TraQiQ achieve in Q1?

TraQiQ achieved over 30% revenue growth in Q1 compared to the previous quarter.

What revenue target is TraQiQ aiming for by the end of the year?

TraQiQ aims for a run-rate revenue target of $20 million by the end of the current year.

Which major clients are expected to benefit from the acquisition?

Clients such as Deloitte, ICICI Bank, and Mashreq Bank are expected to benefit from enhanced products and solutions.