Crisil, one of India’s noted providers of ratings, data, research, analytics and solutions has signed a definitive agreement to acquire Pragmatix Services Private Limited for ₹56 crore.
Founded by banking professionals, Pragmatix is a data analytics company focused on delivering cutting edge solutions in the data to intelligence life cycle to the banking, financial services and insurance (BFSI) vertical. In its history spanning seven years, Pragmatix has built and deployed solutions across the risk, sales, and finance domains in India, Middle East and North America; and has around 110 employees on its payroll.
Its Big Data capabilities and advanced data models provide descriptive, prescriptive and predictive analytics delivered through its proprietary Enterprise Data Analytics Platform.
Crisil’s acquisition is subject to regulatory approvals and other customary closing conditions, said a statement uploaded on their official website. The parties expect to close the transaction during the first quarter of 2018. Pragmatix’s founders and their team will join Crisil after the completion of the transaction.
Insiders believe that the acquisition will strengthen Crisil’s position as an agile, innovative and global analytics company. It will enable Crisil to leverage its technology platform and deep domain expertise to enhance its business intelligence, analytics and risk management offerings for financial sector clients in India and globally.
Crisil’s Managing Director and Chief Executive Officer Ashu Suyash said in a statement, “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 product and platform based solutions to its customers in an agile manner. We are also delighted to welcome Pragmatix’s energetic and entrepreneurial leadership and team to join Crisil’s global talent pool.”
Pragmatix’s Co-founder and Director Ashish Vora says “Pragmatix has been a pioneer in BFSI analytics. We are very excited to be a part of CrisilL, an iconic brand in the financial services industry. Crisil’s strong global footprint in the areas of risk and analytics provides the right franchise and platform for the next stage of growth for our company. Our employees will benefit from being part of a strong brand like Crisil and enjoy global career paths. Crisil’s acquisitions have grown several fold and are now large global businesses. We look forward to an exciting journey of growth with Crisil.”