UAE-based Trueledger Technologies FZE proposes to buy 20 pc stake in Silverline

New Delhi, Feb 11 (PTI) UAE-based Trueledger Technologies FZE has expressed interest in strategic investments of up to 20 per cent stake in Silverline Technologies, a regulatory filing said on Wednesday.
     Silverline said that the proposed investment is intended to provide strategic exposure to the company's artificial intelligence-led initiatives.
     "Silverline Technologies Limited has received a non-binding Letter of Intent (LoI) from Trueledger Technologies FZE, a UAE-based technology research and holding company.     
     "The LoI indicates Trueledger Technologies FZE's preliminary interest in exploring a potential strategic investment of up to 20 per cent stake in the company," Silverline said in the filing.
     The company said the deal is subject to applicable laws, regulatory requirements, internal approvals, and execution of definitive agreements.
     Silverline, last week, unveiled its proprietary AI-enabled web platform, branded as 'Silver AI'.
     The company has made available beta version of "Silver AI" to users from February 7, and the commercial launch of the platform is planned before February 25.
     Silverline positions Silver AI as web-based intelligent chat and productivity platform.
     According to the company, the platform is designed to provide an intuitive, conversational interface that supports productivity, information processing, and workflow assistance for individual and organisational users.
     Within two days of the Silver AI launch, Silverline claimed to have crossed 24,000 registered users.
     The company, in a separate filing, announced that it plans to reduce the Pro subscription fee to USD 9 per user per month, with the objective of driving mass adoption and higher conversion rates, subject to the platform reaching approximately 500,000 registered users within the next 45 days.
     "At this pricing level, the company has potential to reach monthly revenue of USD 54 million, translating into indicative Rs 430-450 crore annualised revenue potential for the company assuming full pro adoption. Even at partial conversion levels, the revenue impact remains significant for the company," Yakin Joshi, Managing Director, Silverline Technologies Ltd, said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)