Even though the times are bad for outbound deals, Indian credit rating and financial research firm ICRA Ltd is bucking the trend. The US subsidiary of the Kolkata headquartered ICRA Techno Analytics (ICTEAS), the business analytics arm of ICRA, has acquired 100% stake in Sapphire International Inc., a company based out of Connecticut, the US. The deal size has not been disclosed.

Sapphire, a Microsoft Gold partner is in the business of providing IT solutions to government agencies and large corporations in the US market. Sapphire specialises in .NET based applications and solutions. It uses the hybrid engagement model which involves an onsite team and low cost offshore development centres based till now in Egypt and Russia.

Sapphire’s existing management will provide ICTEAS with opportunities to cross sell within Sapphire’s existing customer base with offerings in business intelligence and business analytics, a niche area in which ICTEAS has expertise and a growing practise.

Virtus Global was the adviser to ICRA Techno Analytics on the deal.

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