Crisil acquires data analytics firm Pragmatix

CRISIL, a provider ratings and research firm, has signed a definitive agreement to acquire Pragmatix Services Pvt Ltd for up to Rs 56 crore.

Founded by banking professionals, Pragmatix is a data analytics company offering solutions in the 'data to intelligence' lifecycle to the Banking, Financial Services & Insurance (BFSI) vertical. The company, with an employee strength of 110 personnel, has deployed solutions across the risk, sales and finance domains in India, Middle East and North America.

''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's managing director and chief executive officer Ashu Suyash said.

The acquisition is subject to regulatory approvals and other customary conditions. The transaction is expected to close during the first quarter of 2018, and post which Pragmatix's founders and team will join Crisil.

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 said in a statement.

Pragmatix's Co-founder and Director Ashish Vora said: ''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''.