Crisil to buy US-based Pipal Research for $12.75 mn

Ratings agency Crisil today said it will buy US-based knowledge process outsourcing firm Pipal Research Corporation for $12.75 million.

Crisil has entered into an agreement to purchase the business of Pipal, whose clientele includes companies from the technology and financial services sector, Crisil said in a statement.

Pipal Research posted a revenue of $8.1 million for the fiscal year ending March, 2010. At present, Firstsource Solutions holds the majority stake in Pipal.

Headquartered in Chicago, Pipal provides business and investment research services. It has three research centres in India at Gurgaon, Noida and Bangalore.

Crisil CEO and MD Roopa Kudva said the acquisition will enable "us to further strengthen our leadership position in the KPO space. The two organisations have complementary strengths, which will enable us to serve our clients better."

Crisil's KPO division, Irevna, provides research services to global investment banks and insurance companies. Irevna provides offshoring services from Chennai and Mumbai in India and is in the process of setting up a research centre in China, the Standard & Poor's unit said.

"Crisil's acquisition of Pipal's business will crystallise an excellent strategic and business fit... And benefit our clients," Pipal Founder and Chairman Manoj Jain said.

Shares of Crisil were down by 1.52 per cent at Rs 6,075 in afternoon trade on the Bombay Stock Exchange today.