Crisil acquires software company Pragmatix for Rs 56 crore

Country’s largest rating company, Crisil has acquired 100% stake in Pragmatix Services for a consideration not exceeding Rs 56 crore. The acquired company is in the business of computer programming, consultancy and related activities, said a statement issued by Crisil to the stock exchange.

Pragmatix has consolidated revenues from operations of Rs 17.20 crore in fiscal year 2016-17. It was incorporated in 2010 and provides software products and services in the areas of business intelligence and analytics; and consultancy services.

The statement issued by Crisil said that this acquisition will help them accelerate acquiring retail and commercial banking customers and diversify the presence the rating company.

According to Ashu Syyash, MD and CEO of Crisil, “Pragmatix’s banking expertise and proprietary platform will enable Crisil to offer big data analytics and broaden its solution in the financial services space.” On completion of the transaction, the founders and its team of Pragmatix will join Crisil.

The shares of Crisil closed at Rs 1799, down 1.9% over previous close at the Bombay Stock Exchange.