Credit rating agency CRISIL Wednesday said it is buying US-based knowledge process outsourcing firm Pipal Research in a $12.75 million deal.
CRISIL expects the acquisition to add more teeth to its high-end analytical capabilities providing a wider range of services.
"This will enable us to further strengthen our leadership position in the high-end KPO space. Pipal's deeply embedded client relationships provide a strong platform for growth," said Roopa Kudva, chief executive, CRISIL.
CRISIL is the Indian arm of global rating agency Standard and Poor. Pipal is controlled by Firstsource Solutions -- a leading business outsourcing company promoted by ICICI Bank.
CRISIL's off-shoring division, Irevna, provides high-end analytical services spanning equity research, credit research, derivatives support, risk management, actuarial services and foreign exchange research.
Irevna provides its services from Chennai, Mumbai, Buenos Aires, Wroclaw (Poland), and is in the process of setting up a research centre in China.
With three research centres in Gurgaon, Noida and Bangalore, and an office in Chicago, Pipal provides business and investment research services.
The CRISIL stock rose in early trade to touch an intra-day high of Rs.6,190 on the Bombay Stock Exchange, but slipped later on to trade in the red as profit booking kicked in.
Tuesday, it had closed at Rs.6,168.95.
The FirstSource stock rose 3.3 percent to touch the intra-day high of Rs.28.20.