Afiniti exits bankruptcy, eyes growth with new portfolio
HAMILTON, BERMUDA — Afiniti, a leading contact center AI vendor, has received court approval to exit Chapter 15 bankruptcy following a successful recapitalization transaction.
The company filed for bankruptcy protection on November 3, 2024, in Delaware to restructure its debts while maintaining operations. This filing also provided legal protection as Afiniti worked to address financial obligations in the United States and abroad.
The recapitalization was achieved with the support of key lenders, including Vista Credit Partners and The Resource Group International Ltd., a major shareholder.
This financial restructuring has also been approved in Bermuda, where Afiniti entered provisional liquidation earlier this year with reported liabilities of $580 million.
Recapitalization strengthens Afiniti’s financial position
The court-approved recapitalization marks a turning point for Afiniti, positioning the company to rebuild its financial stability and focus on growth.
“The close of our recapitalization transaction provides exciting opportunities for Afiniti to further invest in next-generation technologies and unlock new avenues for growth,” said Hassan Afzal, CEO of Afiniti.
This development comes after a challenging period for the company, which faced reputational setbacks due to allegations of misconduct against its founder. Under new leadership since January 2024, Afiniti is now determined to restore its standing as an innovator in customer experience (CX) solutions.
CEO highlights plans for innovation and growth
Founded in 2006, Afiniti gained prominence with its AI-powered routing engine that matches customers with the most suitable service representatives. Its client base includes major corporations such as AT&T, Verizon, and Virgin.
However, as routing technology becomes integrated into broader contact center as a service (CCaaS) platforms, Afiniti recognized the need to diversify its offerings.
To remain competitive, the company plans to expand its portfolio to include omnichannel and industry-specific solutions. This strategic shift aligns with market trends favoring cloud-based services and advanced AI applications like generative AI and predictive analytics.
Financial backing fuels Afiniti’s strategic vision
Brendan Renehan, Managing Director at Vista Credit Partners, expressed confidence in the company’s future: “We are pleased to have completed this recapitalization process and are focused on continuing to deliver value and innovative AI-powered solutions to Afiniti’s customers.”
As the CX industry evolves, companies specializing in niche AI features must adapt or risk obsolescence. With fresh capital and a renewed focus on innovation, Afiniti aims to solidify its position in the competitive CX landscape by delivering measurable value through cutting-edge technology.
