Computer Age Management Services Limited (CAMS), India’s largest registrar and transfer agent of mutual funds, has signed a definitive agreement to acquire a majority stake in Mumbai-based AI and data science firm Think Analytics India Pvt Ltd (Think360 AI). 

In a regulatory filing, Chennai-based CAMS said it will pick up 55.42 per cent of the total paid-up share capital of Think360 AI through a secondary acquisition, which is expected to be completed before April 10, 2023. Post completion, Think360 AI will become a subsidiary of CAMS, while Think360 AI’s subsidiaries, Think Analytics Consultancy Services and Think360 AI, Inc., will become step-down subsidiaries of CAMS. Financial details of the deal were not disclosed.

“The Company will also be entitled to acquiring the remaining shares in phases in accordance with the terms stipulated in the definitive agreements,” it added. 

Anuj Kumar, MD, CAMS Limited, said that the company found investing in Think360 AI as a good opportunity to assist CAMS in building overall market reach in the BFSI and capital markets space. He added that the product and solution suite of Think360 AI is a great fit for CAMS’ recently launched “Account Aggregator” offering.

Founded in 2013, Think360 AI offers software-as-a service (SaaS)-based products, data science, and technology advisory services to companies in the BFSI, Pharma and retail sectors. TAIPL posted a consolidated turnover of ₹30.87 crore in FY22. In the first nine months of FY23, its consolidated revenue stood at ₹23.51 crore. 

As a technology infrastructure provider for the mutual fund industry, CAMS has expanded its services to cover wider areas of the BFSI industry, including alternative investment funds, portfolio managers, pension funds, the insurance industry, and most recently, account aggregation.