Goel's Algo Tech Stock Soars; Makes him 5th Richest Tech Billionaire in Asia

Business

oi-Staff

By Super

Published: Saturday, October 18, 2014, 11:54 [IST]

A Non-Resident Indian-owned Clone Algo Technologies, known for developing artificial intelligence for algorithms used in trading foreign exchange, gold, crude oil and shares, was actively traded at USD 12 OTCQB in New York.

The opening price of USD 12 per share yesterday has valued the group at USD 8.534 billion based on 711.15 million shares, which included the shares of Clone Algo Inc, proposed to be merged along with Clone Algo Technologies in the coming days.

The group develops artificial intelligence for algorithms which are used to trade the foreign exchange, gold, crude oil and shares automatically without traders.

Clone Algo Technologies founder and chairman Niraj Goel welcomed the first opening in New York last night. "The opening price was as per our expectations," he told PTI.

This has raised the asset value of Ludhiana-born Goel to USD 12.95 billion including his stakes in other companies and assets, placing him among the top five technology billionaires in Asia.

PTI