Indian-Founded Acuitty to Launch First Ever Cryptocurrency IPO
September 22, 2017 7:12 am,
Acuitty, a global B2B services marketplace has announced its Initial Coin Offering (ICO). Acuitty is developing a new platform to revolutionize the $500 billion global consulting and IT market by reducing buyer and seller costs by up to 30 percent.
Early investment commitments have already been received on behalf of large investors. Acuitty hopes to publish quarterly audited reports for financials and token buy-back. The ICO start date is 15 September, 2017 and the ICO end date is 16 November 2017. The minimum contribution from a buyer is 0.1 ETH (ETH is the short form for cryptocurrency called ether/ethereum). 350 Acuitty tokens will be issued per one unit of ETH.
Ashish Khanna, chief executive officer of Acuitty and formerly of Accenture, has worked with numerous Fortune 500 clients to manage complex transformation programs involving adoption of new technologies, redefining of business and operating models and launch of new consulting services.
Vishwas Misra, SVP of operations and innovation too has worked with Accenture, where he led the Asia Pacific Digital Supply Chain Practice. Vishwas helped set up and scale Accenture’s global, distributed consulting operation. This grew to 5,000 people in 7 years, driving around $1 billion in sales.
Nitin Seth, a former COO of Flipkart (the media reported a brief spat culminating in Seth issuing a legal notice over his termination), is an advisor to the company.
Acuitty says its unique value proposition lies bringing both suppliers and buyers of consulting and IT services to one global marketplace. This enables easy discovery across 1.5 million suppliers. The new company further promises their model will enable contracting will be via smart contracts backed by blockchains, enhancing trust and assurance between buyer and seller.
Their proprietary tools in project management has been developed by industry and subject matter experts and has helped to create a global marketplace which will give unique opportunities like flash sales to reduce idle capacity and bring in additional cost rebalancing
Acuitty is lead by a team that has set up and scaled a billion dollars global operation, in the past; the ICO has received great recommendations from investors and analysts like Smith and Crown and Bitcoin Market Journal.
Acuitty’s B2B Services Exchange Platform (AxP) is incorporated in Singapore and Acuitty targets to disintermediate the $500 billion technology and consulting services markets globally. AxP, an idea which is US patent pending solves problems related to supplier discovery, trust, idle capacity, and execution. It delivers buyers value in excess of 20 to 30 prcent of purchase price through cost reduction and quality improvement. Acuitty Tokens power the platform and according to the company will 100 percent of distributed profit will be used to buy and burn tokens.
The key revenue generation pieces of AxP are in the advanced stages of readiness for deployment. According to plans by Acuitty operations will first roll out in the US next year and will open operations in Asia in 2020.