Rating agency Crisil today said it has entered into a definitive agreement to acquire 100 per cent stake in data analytics company Pragmatix Services Pvt Ltd for Rs 56 crore. Pragmatix is focused on delivering solutions to the banking, financial services and insurance (BFSI) vertical. The companies expect to close the transaction during the first quarter of 2018, Crisil said in a release here. The Rs 56-crore transaction is subject to various regulatory approvals, it added. "Pragmatix's banking expertise and proprietary platform will enable Crisil to offer big data analytics, and broaden solutions in the financial services space. "The acquisition fits into our strategic roadmap of providing innovative product and platform based solutions to its customers in an agile manner," Crisil managing director and CEO Ashu Suyash said in the release. Pragmatix's solutions will accelerate acquiring retail and commercial banking customers and diversify the strong presence of Crisil. Commenting on the development, Pragmatix co-founder and director, Ashish Vora, said, "Pragmatix has been a pioneer in BFSI analytics.
We are very excited to be a part of Crisil. "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 founders and their team will join Crisil post the completion of the transaction. Currently, Pragmatix has 110 employees.