Benzinga | Nov 2, 2021 10:57AM EDT

Coinbase Acquires AI Platform Agara For $40M - $50M

* Coinbase Global Inc (NASDAQ:COIN) acquired AI-powered support platform Agara. Agara has operations in India and the U.S.

* The size of the deal is $40 million - $50 million, TechCrunch reports.

* The acquisition reinforces Coinbase's commitment to delivering world-class customer support and brings Agara's deep expertise in machine learning (ML) and natural language processing (NLP) to Coinbase's engineering team.

* It also reconfirms Coinbase's strategy to continue to build out its tech hub in India.

* Coinbase plans to leverage Agara's powerful Deep Learning and Conversational AI technology to automate and enhance its customer experience (CX) tools.

* Coinbase held $4.4 billion in cash and equivalents as of June 30.

* Price Action: COIN shares closed higher by 2.03% at $337.70 on Monday.