Tech company Flytxt hires adviser to find new investors

·1 min read

DUBAI (Reuters) - Netherlands-headquartered Flytxt has hired U.S. investment bank Stifel to help the tech firm sell a large stake that could raise $150 million to $250 million, its chief executive told Reuters.

Flytxt provides artificial intelligence and data analytics to companies to track and predict customer behaviour.

CEO Vinod Vasudevan said the sale, which could be for a stake of as much as 80%, was expected to formally start in the third quarter with a deal to close by the end of the year.

He said most, and possibly all, existing investors were looking to cash out of the business, which was founded in 2008 and has its corporate office in Dubai, United Arab Emirates.

Flytxt says its client list includes several large telecommunications companies, such as Vodafone, Orange, Etisalat and MTN.

(Reporting by Alexander Cornwell; editing by Jason Neely)