Pipal Research acquired by CRISIL

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afaqs! news bureau
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Company Brief

New Delhi, September 22, 2010

CRISIL (NSE: CRISIL.NS) announced today that it 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 US $12.75 million. CRISIL's KPO division, Irevna, has consistently been ranked as the No.1 financial services and investment KPO firm by the Datamonitor Black Book of Outsourcing. The Irena-Pipal combination will be uniquely positioned in the high-end research and analytic 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 further extend its leadership in the KPO industry.

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Pipal, headquartered in Chicago, has been an innovator and leader in business research and investment research services. Its clients include leading global firms in the telecommunications, technology, consumer packaged goods, and industrial sectors, and in the financial services space. Pipal is headquartered in Chicago; USA has three research centers in India. Majority-owned by Firstsource Solutions Ltd (NSE: FSL.NS), Pipal reported US $ 8.1 million of revenue for the financial year ended March 31, 2010.

Speaking of the acquisition, Roopa Kudva, Managing Director and CEO of CRISIL Ltd, said "This is an important milestone in the CRISIL journey, enabling us to further strengthen our leadership position in the high-end KPO space. Pipal's deeply embedded client relationships provide a strong platform for growth. The two organizations have complementary strengths, which will enable us to serve our clients better. We look forward to working with Pipal's talented employees and providing them exciting career growth paths."

Sanjeev Arora, President & CEO, Pipal research commented "Both Pipal and CRISIL bring very high quality and complementary knowledge services to the global markets and the combined entity will be very well positioned to continually lead the global knowledge service markets"

For further information, please contact:

Pi Communications

Prerna Arun

Mobile: +919873349022

Email: prerna.arun@picommunications.in

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