Alpha Star Acquisition, a special purpose acquisition company (SPAC), has signed a business combination agreement with Estonia-based financial technology solutions company Xdata Group.
This is in line with the previously forged letter of intent by both parties for a business combination.
The financial terms of the deal are not disclosed.
Alpha Star and Xdata boards of directors have unanimously approved the transaction.
Upon the closing of the proposed transaction, Xdata will operate through a Cayman Islands-exempted company incorporated by Alpha Star. The newly incorporated entity will be a publicly traded company listed on the Nasdaq stock market.
Xdata Group offers a range of specialised financial products, including an internet banking suite, mobile banking applications for banks, equated monthly instalments (EMIs), and a customer relationship management (CRM) solution.
In June 2024, the company launched a new product, ComplyControl, aimed at enhancing client satisfaction.
ComplyControl utilises artificial intelligence (AI) and machine learning to deliver advanced analytics, improving accuracy and decision-making.
The product enables real-time monitoring with continuous updates from global sanctions lists, politically exposed person (PEP) registries, and media sources. It also offers tailored service solutions to meet the specific needs of each client.
Besides, the AI-driven transaction monitoring solution integrates seamlessly with existing systems, ensuring no disruption while providing global coverage for comprehensive screening across various jurisdictions.
ComplyControl also features personalised screening options with flexible criteria and thresholds, balancing thoroughness with operational efficiency.
Subject to regulatory approval, Alpha Star and Xdata shareholders’ approval along with certain other customary conditions, the deal is expected to be completed by the end of this year.
For the transaction, Han Kun Law Offices and Ogier (Cayman) are legal advisers to Alpha Star while Loeb & Loeb serves as the US securities legal adviser to Xdata.
