CRISIL is set to acquire the US-based Greenwich Associates and its six subsidiaries for about $40 million as it looks to become a leading player in the global benchmarking analytics market.
“… the Board of Directors of CRISIL Limited has approved acquisition of 100 per cent of the equity share capital of Greenwich Associates LLC and its subsidiaries at a consideration of $40 million, subject to closing adjustments. The acquisition will be done through CRISIL Ltd’s 100 per cent subsidiary, CRISIL Irevna US LLC,” CRISIL said in a regulatory filing.
Greenwich, a Stamford, Connecticut-based company, provides proprietary benchmarking data analytics and qualitative, actionable insights that help financial services firms measure and improve business performance. It serves over 300 of the top investment, corporate, and commercial banks, besides asset managers and key players in the market infrastructure space globally.
“The acquisition will complement CRISIL’ s existing portfolio of products and expand offerings to new segments across financial services, including commercial banks and asset and wealth managers,” it said in statement.
The acquisition is expected to be completed by the first quarter of the calendar year 2020, subject to regulatory approvals.
Greenwich’s expertise in ‘Voice of Customer’ surveys, proprietary data assets, and capabilities to source and aggregate high-value private performance data will provide a new layer of insights to CRISIL’s existing offerings under its coalition division, the company further said.
Ashu Suyash, Managing Director and CEO, CRISIL, said, “With this acquisition, CRISIL will strengthen its position as the foremost global benchmarking analytics provider for financial services, where Coalition is a distinguished provider to corporate and investment banks worldwide.”
Greenwich’s partners and their team of approximately 150 people globally, will join CRISIL following the completion of the transaction.
“Our combined data and analytics will provide clients with high-value actionable insights they demand in today’s competitive business environment,” said Steven Busby, CEO, Greenwich.
Source: The Hindu