Aurionpro Solutions shares gain most since May 2023 after order from one of largest Saudi banks – CNBC TV18

Shares of Aurionpro Solutions Ltd. surged as much as 9.5% on Wednesday, December 11 after it announced further expansion in the Kingdom of Saudi Arabia post another order win.

The company said in an exchange filing that it has signed a deal with a leading bank in Saudi Arabia to deliver its innovative iCashpro+ transaction banking platform.

Aurionpro’s new customer is said to be one of the largest banks of Saudi Arabia.

As part of the deal, Aurionpro will modernise its corporate banking technology using the iCashpro+, thereby streamlining its operations, elevating digital offerings and drive innovation.
The partnership also aligns with Saudi Arabia’s Vision 2030 of achieving economic diversification and digital innovation.

Aurionpro’s platform will enable speedy launches of new products and services, incorporate AI-enabled automation to improve customer service and allow seamless integration with existing systems, the exchange filing said.

With this deal, Aurionpro expands its reach in the Middle East and North Africa region. However, Middle East and Africa is still a small part of the company’s business with only 2% of the total topline coming from that region in the first half of the current financial year. 57% of its revenue came from India during this period, while 34% came from the Asia Pacific region.

Aurionpro is one of the leading advanced technology solutions provider, with a key focus on banking, mobility, payments, insurance, data center services and government sectors.

Shares of Aurionpro Solutions are currently trading 7.3% higher on Wednesday at ₹1,831.8. The stock is 8% away from its recent peak of ₹1,991.

For 2024, the stock has seen gains of 65% so far.