Crisil aquired Pipal for $12.75 Million
By siliconindia   |   Thursday, 23 September 2010, 15:24 IST
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Crisil aquired Pipal for $12.75 Million
Bangalore: First Source's Chicago-headquartered knowledge process outsourcing company Pipal Research Solutions was acquired by Crisil, for $12.75 million. The rating agency said it plans to expand its research business into China. "We have been in the high-end offshoring business for over five years following our acquisition of Irevna. Irevna currently has a strong base among finance and insurance companies with six of the top ten banks as its clients. The unique takeaway for us is Pipal's strong presence in the corporate sector" said Crisil MD Roopa Kudva. Pipal's clients include leading global firms in the telecommunications, technology, consumer packaged goods, and industrial sectors, and in the financial services space. The acquisition will give Crisil research new presence in Gurgaon, Noida and Bangalore, and an office in Chicago. The acquisition has been an all cash deal with MAPE advisory as the sole advisor. Crisil's KPO division, Irevna, has consistently been ranked as the No. 1 financial services and investment KPO firm by the Datamonitor Black Book of Outsourcing. "We now have more equity analysts and more derivative analysts outside investment banking" said Kudva.

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