ICRA Strengthens Risk Tech Portfolio with Fintellix Acquisition
ICRA has acquired Fintellix India for $26 million to enhance its portfolio in risk technology solutions. This acquisition, involving a 100% stake, will augment ICRA's credit risk assessment capabilities by integrating Fintellix's risk reporting tools. The merger aims to address emerging market demands amid increasing regulatory scrutiny in financial sectors.
- Country:
- India
ICRA, a leading rating agency, has confirmed the acquisition of Fintellix India, a provider of risk and reporting solutions, for USD 26 million. ICRA's board unanimously approved the purchase, obtaining a 100% stake in Fintellix India Pvt Ltd through a secondary purchase agreement.
Ramnath Krishnan, the MD and Group CEO of ICRA, emphasized their strategic commitment to strengthening ICRA's presence in risk technology. The acquisition comes at a time when regulatory scrutiny is heightening in financial markets, making robust risk reporting tools increasingly necessary.
The acquisition is expected to enhance ICRA Group's suite of credit risk assessment and monitoring solutions by incorporating the advanced risk reporting functionalities of Fintellix. Based in Bengaluru, Fintellix specializes in delivering supervisory and data analytics solutions via its proprietary data platform.
(With inputs from agencies.)
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