a day ago
- Business
- New Indian Express
Icra buys Bengaluru-based Fintellix India for Rs 224 crore
Credit rating agency Icra will acquire Bengaluru-based risk and data analytics solutions company Fintellix India Private Limited for $26 million (about Rs 224 crore).
Fintellix enables global financial sector entities to meet regulatory requirements while managing data and providing superior analytics.
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.'
Shailendra M, CEO of Fintellix, said, 'This marks a new chapter for Fintellix - one where our product innovation and global experience will be amplified by Icra's scale, credibility, and deep understanding of financial risk.'
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.
According to the company's filings, Fintellix India Private Limited's turnover for FY 24 stood at Rs 76.1 crore. It was Rs 87.7 crore in FY23 and Rs 90.6 crore in FY22. The acquisition is expected to be completed in less than three months, and the consideration will be paid in cash.
