Crisil completes Pragmatix Services acquisition

Rating agency Crisil today said it has completed the 100 per cent acquisition of Pragmatix Services.

The agency had announced in November 2017 its plans to acquire 100 per cent stake in the data analytics company for Rs 56 crore.

Pragmatix provides analytics and solutions to retail and commercial banks, financial institutions, asset managers, insurers and telecom companies. It provides solutions across the risk, sales, and finance domains in India, Middle East and North America.

Pragmatix's intellectual property includes a proprietary enterprise data analytics platform with pre-configured data models, key performance indicators (KPIs) and algorithms that offer accelerated business solutions.
 

"The Pragmatix acquisition will strengthen Crisil's position as an agile, innovative and global analytics company. Pragmatix's capabilities including the proprietary technology platform and deep domain expertise that will enhance our business intelligence, analytics and risk management offerings for financial sector clients in India and globally," Crisil Managing Director and Chief Executive Officer Ashu Suyash said in a statement.

Crisil had earlier said Pragmatix founders and the team would join the ratings agency post the completion of the transaction. As of November, Pragmatix had 110 employees.