Research and analytics firm Crisil has signed a definitive agreement to acquire Pragmatix Services, a data analytics company founded by banking professionals for Rs 56 crore.

Pragmatix’s founders and their team will join Crisil post the completion of the transaction. The transaction is expected to close by the first quarter of 2018, the company 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,” Crisil Managing Director & Chief Executive Officer Ashu Suyash said.

Pragmatix is a data analytics company providing solutions in the ‘data to intelligence’ lifecycle to the Banking, Financial Services & Insurance (BFSI) vertical. The company has 110 employees as of date.

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.

“Pragmatix has been a pioneer in BFSI analytics. 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,” Pragmatix’s Co-founder and Director Ashish Vora said.

Related Topics
comment COMMENT NOW