The news follows XData’s definitive agreement with special purpose acquisition company (SPAC) Alpha Star Acquisition Corporation, with the business combination transaction being valued at USD 180 million. The merger comes as a strategic move for XData Group for the planned public listing on the Nasdaq stock market, offering scaled visibility, access to additional capital, and the ability to expand operations more efficiently across Europe and globally.
Since the start of its operations, XData Group has been focusing on B2B software development, intending to optimise banking through advanced solutions. Headquartered in Estonia, the company scaled its affiliation to Armenia and Spain, two upcoming tech hubs that fall in line with its objectives and approach.
At the time of writing, Alpha Star and XData Group’s boards of directors approved the deal and, upon completion, the latter is set to operate via a Cayman Islands company integrated by Alpha Star. The move follows a period of expansion for XData, with the company substantially increasing its workforce in 2024. This growth solidifies its position as a participant in B2B software development, while the launch of its banking solution, developed to improve the user experience and operational efficiency of online banking, augments its stance as a provider of technology in this space.
Furthermore, through the proposed Nasdaq listing, XData Group seeks to build on these advancements, scaling its product offerings and underlining its commitment to supporting technological processes in financial services.
Commenting on the merger, representatives from XData mentioned that the deal with Alpha Star is set to facilitate their company’s growth strategy. By going public, the company will benefit from the resources required to accelerate the development of its new products and its entry into industry partnerships. XData aims to continue offering its solutions across Europe while also extending its services globally.
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