Crisil to buy US firm for $12.75 million

Rating agency Crisil on Wednesday said it has signed an agreement to buy the business of US-based Knowledge Process Outsourcing Industry Pipal Research Corporation for $12.75 million.

"This is an important milestone in the Crisil  journey, enabling us to further strengthen our leadership position in the high-end KPO space," Crisil Managing Director and CEO Roopa Kudva said in a statement.

Crisil 's KPO division Irevna and Pipal combination will be uniquely positioned in the high-end analytical offshoring space with the widest range of services, geographic locations, and customer diversity.

Pipal's services, clients and delivery locations are complementary to Irevna's, enabling the combine to strengthen its leadership in the KPO industry, she said.

Irevna provides high-end research and analytical services to five of the world's top 10 investment banks and to insurance companies, asset management firms and other financial institutions.

Pipal, which is headquartered in Chicago and its majority-owned by Firstsource Solutions, provides business research and investment research services.