Rating company Crisil Ltd said on Wednesday that it will acquire data analytics firm Pragmatix Services Pvt. Ltd for Rs56 crore.
Incorporated in 2010 by banking professionals, Pragmatix provides software products and services in business intelligence, analytics and consultancy services.
CRISIL said Pragmatix had revenue of Rs17.2 crore in fiscal 2017, up 20% from the previous fiscal.
“The acquisition is subject to regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the first quarter of 2018. Pragmatix’s founders and their team will join Crisil post the completion of the transaction,” the statement added.
The acquisition will enable Crisil to leverage Pragmatix’s technology platform and deep domain expertise to enhance its business intelligence, analytics and risk management offerings for financial sector clients in India and globally.
“Pragmatix’s banking expertise and proprietary platform will enable Crisil to offer big data analytics and broaden its solutions in the financial services space. The acquisition fits into Crisil’s strategic roadmap of providing innovative products and platform-based solutions to its customers in an agile manner,” said Ashu Suyash, managing director and chief executive officer of Crisil.
Source: Mint