 "Deal structuring eased, teething troubles remain")
Nihilent Technologies, a Pune-based consulting and IT services company, on Thursday announced its acquisition of ICRA Techno Analytics (ICTEAS) for Rs 68.75 crore ($10 million) in continuing with its expansion strategy.
ICTEAS is a wholly owned subsidiary of the credit rating agency ICRA, a Moody’s investors service company. An agreement has been reached between the companies wherein Nihilent will acquire full ownership of ICTEAS.
ICTEAS is a Kolkata headquartered company, with offices in California and Connecticut in the United States, and has expertise in analytics, data engineering and business process management.
“This acquisition is a strategic fit for both Nihilent and ICTEAS”, said L C Singh, vice-chairman and CEO of Nihilent. “ICTEAS’ deep experience in creation of IP (intellectual property), especially in data science and BI (business intelligence) complements our capability being a complete change management organisation," added Singh. With this acquisition, Nihilent will now be able to enhance and consolidate its expertise in BI and Analytics, and present its offerings to clients world over.
Minoo Dastur, president and COO, Nihilent, added, “The Nihilent Group has been strategically focused for the past decade on enterprise transformation and the realisation of digital strategies by its global clientele and this partnership will enable the teams to provide services to clients globally across a range of business and technology driven solutions. Our other additions to the Nihilent family are testimony to our focused endeavours in this direction.”
“The sale of ICTEAS contributes to ICRA’s continued focus on our core credit ratings and research business,” said Naresh Takkar, MD and CEO at ICRA. “I believe the sale is beneficial to stakeholders and employees of both companies, as it will help each business achieve its full potential,” added Takkar.
