Tallinn-based XData Group, a B2B software development company, announced its plans to go public on Nasdaq in the first half of 2025.
The company has signed a definitive agreement with special purpose acquisition company (SPAC) Alpha Star Acquisition Corporation (“Alpha Star”), with the business combination transaction valued at $180M (approximately €158.3M).
Dr. Zhe Zhang, the Chairman and CEO of Alpha Star, says, “Alpha Star has an unwavering commitment to help dynamic companies, particularly in the technology and financial sectors, achieve their potential. This deal and the proposed listing on Nasdaq provide an opportunity to support XData Group as it widens its operations, develops its products, and builds on its already outstanding customer service.”
Post-merger plans
The upcoming public listing on the Nasdaq will increase visibility, attract new investment, and help expand operations in Europe and beyond, says the company.
Both boards of directors for Alpha Star and XData Group have agreed to the deal. After it’s finalised, XData Group will operate through a company in the Cayman Islands set up by Alpha Star.
The company is also planning to expand its product range and focus on improving technology in financial services. Founder and CEO Roman Eloshvili will continue to lead the company’s growth.
Responding to the merger, Mr. Eloshvili says, “At XData Group, we are committed to delivering cutting-edge services to as many financial institutions as possible. The deal with Alpha Star represents the next step on our journey. Going public will provide us with the resources needed to accelerate the development of new products, as well as new industry partnerships. Armed with these benefits, our company will continue delivering leading solutions across Europe and beyond.”
XData Group: Optimising the European banking sector
Founded in 2022, XData Group is a B2B software development company with a focus on the European banking sector.
The Estonian firm offers comprehensive services ranging from front-end to back-end app development, custom software creation, UX/UI design, and prototype and MVP testing for online banking solutions.
Last year, the company launched its flagship banking solution, designed to enhance user experience and operational efficiency in online banking.
XData Group has also built a strong reputation for its expertise in compliance and anti-money laundering technology.
By integrating advanced AI tools, the company delivers solutions to financial organisations that help them enhance and streamline KYC checks, compliance processes, and fraud detection, ensuring adherence to regulations across multiple jurisdictions.
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