Bermudian-domiciled artificial intelligence firm Afiniti Ltd has successfully completed a recapitalisation transaction.

The firm, which once promised to bring 1,000 jobs to the island, said the transaction would enable it to “move forward with a stronger financial foundation to accelerate growth”.

“The close of our recapitalisation transaction provides exciting opportunities for Afiniti to further invest in next generation technologies and unlock new avenues for growth,” said Hassan Afzal, the chief executive.

“With additional resources, we will have renewed flexibility to build on our strengths, expand our capabilities and continue delivering cutting-edge AI solutions that empower our customers to enhance their customer experience journeys.

“This is a pivotal moment in Afiniti’s evolution, and we are thrilled about all the possibilities ahead.”

The recapitalisation transaction was completed with Afiniti’s secured lenders, led by Vista Credit Partners.

Mr Afzal added: “I would like to express my gratitude to Vista Credit Partners for their support throughout this process.

“Having them on board is a testament to the value we provide to our customers and we look forward to benefiting from their expertise as strategic partners moving forward.”

The transaction was completed following court approvals in Bermuda and in the Chapter 15 proceeding in the United States.