Nihilent acquires ICRA controlled leading IT and Analytics services provider

PUNE: Pune based IT consulting and services firm Nihilent Technologies will be acquiring ICRA Techno Analytics (ICTEAS) for $10 mn (Rs 68.75cr). ICTEAS is a wholly owned subsidiary of the credit rating agency ICRA, a Moody’s investors service company. Nihilent said that it would be acquiring full ownership of ICTEAS which is headquartered in Kolkata with offices in California and Connecticut.

“This acquisition is a strategic fit for both Nihilent and ICTEAS”, said LC Singh, CEO, Nihilent. “ICTEAS’s deep experience in creation of IP, especially in data science and BI complements our capability being a complete change management organization.”
The acquisition will enable Nihilent to consolidate its offerings in business intelligence and analytics.

Minoo Dastur, COO, Nihilent said, “The Nihilent Group has been strategically focused for the past decade on enterprise transformation and the realization of digital strategies by its global clientele and this partnership will enable the teams to provide services to clients globally across a range of business and technology driven solutions.”

“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.”