Cambridge Technology Enterprises, today announced the acquisition of a new client in AI as a Service (AIaaS). Based in North America, the client has a strong focus on the BFSI vertical.

Under the AIaaS model, CTE benefits from receiving a share in the incremental revenues of it client’s business by deploying its proprietary algorithms, differentiating CTE from industry peers.

The solution is aimed at optimizing the client conversion ratio in one of the key lines of businesses of the client by employing a systematic, automated and statistically sound methodology to optimally formulate offers. The solution employs a number of state of the art algorithmic techniques such as contextual multi-armed bandits, and using techniques in the emerging subfield of counterfactual machine learning.

CTE will also own additional IP along with the rights to resell and adapt the IP in Australia, Europe and Asia-Pacific Regions. Along with a management fee, CTE will be eligible to receive substantial share in the incremental growth in the net revenues of the client derived from CTE's algorithm.