Xalles Holdings to Expand Financial Accounting Compliance Automation & Risk Management Solutions with Protominds Acquisition
Xalles Holdings Inc. (OTC: XALL) has announced the acquisition of Protominds, Inc., including its subsidiary Protominds Software Solutions Private Limited. Protominds, based in California, specializes in fintech consulting and offers a regulatory compliance automation platform called FiNiCS. This acquisition aims to expand Xalles' fintech services, leveraging Protominds' technology to enhance compliance offerings. The acquisition is expected to be finalized by February 28, 2021, presenting opportunities for market presence increase and service capability enhancement.
- Expansion of fintech services with Protominds' regulatory compliance platform FiNiCS.
- Strengthened market presence due to the synergy between Protominds and Xalles' existing operations.
- Potential for revenue growth from Protominds' innovative solutions.
- None.
WASHINGTON, DC, Feb. 04, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, will acquire Protominds, Inc. (“Protominds”) and its wholly owned subsidiary Protominds Software Solutions Private Limited in a share purchase agreement.
Headquartered in Milpitas, California, and with offshore operations in India, Protominds is a leading fintech consulting and services company with a proprietary full-service regulatory cloud-based platform that offers reporting capabilities for post-audit financial transactions. The unified regulatory standards compliance solution is called FiNiCS. FiNiCS is a financial accounting compliance automation solution aimed at helping enterprises to optimize the cost of change involved with financial regulations with its compliance automation solution. Through its Regulation-as-a-Service (RaaS), enterprise clients are able to process large volumes of granular data and output risk reports to facilitate more meaningful analysis.
“Protominds looks to expand its market presence through the Xalles larger business development footprint and scale business globally,” commented Sridhar Raju and Venkatesh Kirupakaran, the Co-founders of Protominds, Inc.
“The Protominds acquisition perfectly complements and further enhances the services capabilities of the Crown Solutions acquisition and the existing subsidiaries of Xalles,” commented Venugopal Thiyyagura, President of VGR Technology Partners.
“The FiNiCS platform is a great fit with the Xalles mission to grow our fintech product and services offerings,” stated Thomas Nash, CEO of Xalles Holdings. He continued, “We see tremendous synergy with the existing and planned subsidiaries and welcome the Protominds team into our organization.”
The acquisition will make Protominds a wholly owned subsidiary of VGR Technology Partners within Xalles Technology and adds a unique regulatory compliance automation & data analytics product to the company portfolio. The acquisition is targeted to be completed by February 28, 2021.
About Xalles Holdings Inc. (OTC: XALL)
Xalles Holdings Inc. is a holding company that focuses on direct investments in disruptive fintech companies. The company actively seeks acquisition targets in which it can invest and accelerate growth, targeting companies with solid management teams and business models, large total attainable markets (TAM), and lucrative exit opportunities. The company places emphasis on leveraging blockchain technologies to provide industry-leading financial reconciliation and auditing solutions, which, over time, will allow for the capture of recurring revenue streams. For more information visit: Xalles.com
About Protominds
Protominds is a leading fintech consulting & services company based in Milpitas, California, serving a growing list of customers globally through its operations across USA & India. Core areas of expertise include: automation of accounting standards compliance, enterprise financial solutions and analytics. For more information visit Protominds.com
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