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ICRA to acquire risk solution firm Fintellix India for $26 million
ICRA has entered into a definitive agreement to acquire Fintellix India, a provider of risk and reporting solutions to global financial institutions, for USD 26 million.
In a stock exchange filing, ICRA said its board has granted approval for the acquisition of 100 per cent shareholding in Fintellix India Pvt Ltd for a consideration of INR equivalent to USD 26 million by way of a secondary purchase, pursuant to execution of a share purchase agreement and other transaction documents.
Commenting on the development, Ramnath Krishnan, MD & Group CEO of ICRA, said, "With this acquisition, we reiterate our commitment to being a leading risk technology player. This space is fast evolving with increasing regulatory scrutiny in financial markets, and we believe Fintellix and ICRA together will better address the emerging market needs." The rating agency said the acquisition will additionally strengthen ICRA Group's portfolio of credit risk assessment and monitoring tools by adding risk reporting capabilities to its existing solutions.
ICRA's portfolio includes credit risk software solutions, early warning systems (EWS) and asset classification tools.
Fintellix, a Bengaluru-based product-led company, specialises in risk, supervisory, and data analytics solutions on its proprietary data platform.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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