PUBLISHED ONJuly 20, 2024 5:20 AM
AiChat, a Singapore-based AI chatbot company, has been acquired by reAlpha Tech Corp, a leading real estate technology company, to accelerate AiChat's expansion in the APAC region and scale its operations in the US market, combining their expertise and resources to drive innovation.
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AiChat Pte. Ltd. ("AiChat"), a Singapore-based AI chatbot company, announced its acquisition by reAlpha Tech Corp. (“reAlpha”) (Nasdaq: AIRE), a leading real estate technology company focused on the development and commercialization of artificial intelligence (“AI”) technologies. This strategic alliance aims to propel AiChat's expansion in the APAC region and scale its operations in the U.S. market, capitalizing on reAlpha's established presence and expertise.
Strategic Partnership for Accelerated Growth
AiChat's decision to align with reAlpha was motivated by the ambition to find a strategic partner that could significantly accelerate its growth. By joining forces with reAlpha, a Nasdaq-listed company recognized for its pioneering GenAI technologies, AiChat is poised to enhance its market presence and technological capabilities. reAlpha's extensive resources and established U.S. market position offer AiChat an unmatched opportunity to scale rapidly and achieve new heights in the global conversational AI market.
Expansion into New Territories
The acquisition marks a pivotal milestone for AiChat as it enters the U.S. market, a region brimming with potential. reAlpha's robust infrastructure and strategic vision will support AiChat's expansion, ensuring the seamless integration of its cutting-edge Conversational AI and customer engagement platform into reAlpha's suite of technologies. This synergy will enhance the capabilities of both companies, delivering more sophisticated and intelligent interaction tools to customers.
Commitment to Innovation and Market Leadership
AiChat's impressive track record includes collaborations with renowned global brands and strategic partnerships with Meta in the APAC region. Demonstrating a strong market position and growth potential, AiChat's Annual Recurring Revenue (ARR) exhibited a solid 46% YoY growth in 2023. The global conversational AI market, projected to grow from USD $13.2 billion in 2024 to USD $49.9 billion by 2030, presents significant opportunities for both AiChat and reAlpha.
Leadership and Continuity
Giri Devanur, CEO of reAlpha, commented, “We are thrilled to welcome AiChat to the reAlpha group. This accretive acquisition is a large step in our journey to bring the multi-trillion-dollar global real estate industry into the digital era. AiChat’s innovative platform and talented team will accelerate our efforts to make Claire set the new standard for efficiency, accessibility, and reliability when it comes to buying a new home.”
Kester Poh, CEO and founder of AiChat, along with the key management team, will continue to lead AiChat as part of the reAlpha group. This continuity ensures that AiChat's deep domain expertise and innovative spirit will drive the combined company’s vision forward. Kester Poh commented, “Joining forces with reAlpha opens up exciting new opportunities for AiChat. We look forward to integrating our technology with reAlpha’s resources and expertise, which will help us to enhance our product offerings and expand our market leadership.”
Looking Ahead
As AiChat embarks on this new chapter, the company is poised to leverage the combined strengths of both organizations to drive innovation and redefine the future of AI-driven customer engagement. With reAlpha's resources and market leadership, AiChat is confident in its ability to accelerate growth, expand its U.S. footprint, and deliver unprecedented value to clients and stakeholders. Together, they will push the boundaries of what’s possible in the conversational AI space, setting new standards for excellence and transforming the industry on a global scale.
About reAlpha Tech Corp.
reAlpha is a real estate technology company with a mission to shape the property technology, or “proptech,” market landscape through the commercialization of artificial intelligence technologies and strategic synergistic acquisitions that complement our business model. For more information about reAlpha, visit www.reAlpha.com.
About AiChat Pte. Ltd.
AiChat Pte. Ltd. is a Singapore-based company that develops AI-driven customer engagement solutions. Its platform leverages artificial intelligence to provide businesses with intelligent chatbots and automation tools that improve customer interactions and operational efficiency. For more information about AiChat, visit www.AiChat.com.
Contact Info:
Name: Valerie Cheng
Email: Send Email
Organization: AiChat Pte Ltd
Website: https://aichat.com/
Release ID: 89136066
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