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CRISIL Buys Pipal Research From Firstsource For $12.75M

22 September, 2010

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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3 Comments
ratna . 6 years ago

brilliant! I think it makes CRISIL Irevna unmatched and by far the industry leader.

sunil arora . 6 years ago

wd love to know earning of first source from the deal

Kriti . 6 years ago

The success of any M & A is dependent on the strong and visionary HR processes and internal communication to the employees on regular intervals. I am sure the company will be able to benefit a lot with the deal 🙂

Wish them great luck.

CRISIL Buys Pipal Research From Firstsource For $12.75M

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