Indian credit rating agency ICRA Ltd said on Friday that it had signed a deal to buy Bengaluru-based risk analytics firm Fintellix India in a $26-million all-cash deal.
The acquisition, approved by ICRA’s board on Thursday, will be executed through a secondary purchase and is subject to customary closing conditions. Once completed, Fintellix will become a wholly owned subsidiary of ICRA.
Fintellix is a product-led company that provides regulatory risk, supervisory, and data analytics solutions to global financial institutions through its proprietary data platform. For FY24, the company reported a turnover of Rs 76.1 crore, down from Rs 87.7 crore in FY23 and Rs 90.6 crore in FY22.
In a statement, ICRA MD & Group CEO Ramnath Krishnan said the acquisition was part of the company’s strategic push into risk technology. “This space is fast evolving with increasing regulatory scrutiny in financial markets, and we believe Fintellix and ICRA together will better address the emerging market needs,” he said.
ICRA, a publicly listed company, is majority-owned by Moody’s Investors Service.
The transaction is expected to bolster ICRA’s existing portfolio of risk and credit analytics solutions, which includes credit risk software, early warning systems, and asset classification tools. It also reflects a broader industry trend where rating agencies and financial analytics firms are increasingly looking to integrate data-driven regulatory tech capabilities into their offerings.
Fintellix CEO Shailendra M called the deal “a new chapter,” noting that ICRA’s scale and credibility would help amplify Fintellix’s product innovation and global reach.
The deal is expected to close within three months.
