Peppermint Innovation (ASX: PIL), a specialist financial platform developer, is bolstering its technical capabilities through the acquisition of artificial intelligence (AI) and customer experience (CX) expertise from XPON Technologies (ASX: XPN).
This strategic move allows Peppermint to tap into XPON`s well-established 'application modernisation' proficiency by acquiring two of its wholly owned subsidiaries, Xpon Digital and Holoscribe Australia. Peppermint's managing director and chief executive officer, Chris Kain, expressed excitement over the transaction's potential to contribute significantly to the company's growth and revenue opportunities.
The acquisition of XPON's AI & CX business division aligns perfectly with Peppermint's long-term objectives, providing an immediate revenue boost. The seasoned AI & CX team, renowned for its role in digital transformations and advanced AI integration in the UK, generated approximately $5.5 million in revenue in FY23.
Peppermint plans to integrate the AI & CX team into its existing technology operations over the next 6 to 12 months. This integration aims to enhance technological delivery capabilities, optimize costs, and accelerate AI transformation across loan origination, scoring, management, and collections.
The acquisition also presents an immediate offset to associated costs through the existing client base of the AI & CX division. Additionally, under-utilised resources within Peppermint's core business can be deployed for billable work, ensuring a cost-effective approach to the acquisition.
With a team of 19 skilled professionals across the UK, Australia, and Vietnam, Peppermint aims to leverage the newly acquired expertise to drive improvements across its technology platform and optimize current technical development programs.
The integration of sophisticated CX & AI capabilities into Peppermint's operations promises exciting opportunities for enhancing customer experiences and advancing the company's growth trajectory in the evolving digital landscape.
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