Crisil has signed an agreement to purchase the business of Pipal Research Corporation (Pipal), a leading player in the knowledge process outsourcing (KPO) industry for a consideration of $12.75 million.
Crisil's KPO division, Irevna, has consistently been ranked as the leading financial services and investment KPO firm by the Datamonitor Black Book of Outsourcing. The Irevna-Pipal combination will be uniquely positioned in the high-end analytical offshoring space with the widest range of services, geographic locations, and customer diversity. Headquartered in Chicago, Pipal's services, clients and delivery locations are complementary to Irevna's, enabling the combine to strengthen its leadership in the KPO industry.
Pipal's clients include leading global firms in the telecommunications, technology, consumer packaged goods, and industrial sectors, and in the financial services space. Pipal has three research centres in India (Gurgaon, Noida and Bangalore), and an office in Chicago. Majority-owned by Firstsource Solutions Ltd, Pipal reported $8.1 million of revenue for the financial year ended March 31, 2010.
Crisil's offshoring division, Irevna, provides high-end research and analytical services to five of the world's top ten investment banks, and to insurance companies, asset management firms, and other financial institutions.
