Nihilent Technologies, a Pune based consulting and IT services solutions integrations company, announced the acquisition of ICRA Techno Analytics Ltd (ICTEAS) –) for USD 10 million to continue 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.
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ICTEAS is headquartered in Kolkata, with offices in California and Connecticut in the US, 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’s deep experience in creation of IP, especially in data science and BI complements our capability being a complete change management organization.”
Nihilent, with a consistent track record of delivering organizational change systemically for its clients, will now be able to enhance and consolidate its expertise in BI and Analytics, and present its offerings to clients world over.
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Minoo Dastur, President and COO, Nihilent added, “The 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 endeavors 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.”