Ratings agency Crisil has entered into a definitive agreement to acquire data analytics company Pragmatix Services for up to Rs 56 crore ($8.6 million). The deal will help Crisil enhance its business intelligence, analytics and risk management offerings for financial sector clients in India and overseas, the ratings firm said in a statement.
"The transaction is at a total consideration of upto Rs. 56 crore. 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," the statement said.
Pragmatix is a data analytics company focused on Banking, Financial Services & Insurance (BFSI) vertical. “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.
Mumbai-based Pragmatix’s founders and its team will join Crisil after the completion of the transaction. Pragmatix has 110 employees as on date.