eClerx Services Ltd has acquired US-based Agilyst Inc, a knowledge process outsourcing company through its overseas subsidiary eClerx Investments Ltd.

Agilyst Inc will operate as a fully-owned subsidiary of eClerx. Amarchand Mangaldas, which acted as the Indian legal advisor to eClerx Services, said in a statement. The transaction will be funded from eClerx's internal resources and there is no intention to raise any incremental capital. The deal value is confidential.

Avendus Capital served as the financial and strategic advisor to eClerx on the transaction while MAPE Advisory Group served in the same capacity for Agilyst.

Agilyst's management team will continue to manage day-to-day operations. The consideration for the acquisition will be all cash and includes a substantial earn out component based on Agilyst's future performance.

Founded in 2007 by Mr Mahesh Dhillon, Agilyst is a back-office operational and analytics company focused on the North American media industry.

Agilyst's services include critical error identification, customer experience analysis and end user support services. Agilyst has a low cost delivery base in a Tier-2 city. It employs approximately 1,000 people, most of them in India.

Founded in 2000, eClerx provides data analytics and customised process solutions to global enterprise clients. eClerx currently employs more than 4,000 people across five delivery centres in India It has sales and marketing offices located in London, New York, Austin, Dublin and Singapore.

On Friday, Shares of eClerx declined by Rs 6.25, or 0.85 per cent, to close at Rs 728.50 at BSE.

(This article was published on April 14, 2012)
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