Credit rating agency CRISIL has acquired knowledge process outsourcing firm Pipal Research Corporation in a $12.75-million (Rs 58.25 crore) deal. Pipal is majority owned by BPO services major Firstsource Solutions, which picked up a 51% stake in the firm in 2004.

Chicago-headquartered Pipal has three research centres in India in Gurgaon, Noida and Bangalore. The company reported revenue of $8.1 million in the financial year ended March 31, 2010. The company provides business and investment research services with clients in sectors like technology, telecommunications, consumer packaged goods, industrials sector besides financial services.

CRISIL, owned by Standard & Poor's, operates a KPO division called Irevna. "Pipal's services, clients and delivery locations are complementary to Irevna's, enabling the combination to strenghten the position in the KPO industry," said CRISIL in a staement.

Irevna provides services like equity research, credit research, derivatives support, quantitative rearch, among others. It has centers in Chennai, Mumbai, Buenos Aires, Wroclaw (Poland) and another coming up in China. Irevna claims to have five of the world's top 10 investment banks as its clients.

MAPE Advisory Group was the exclusive advisor on the deal.

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