Moody's Corporation announced on Wednesday that it has acquired Amba Investment Services, a provider of investment research and quantitative analytics for global financial institutions.
Amba will now operate as part of Moody's Analytics majority-owned subsidiary, Copal Partners.
The acquisition will bolster research and analytical capabilities offered by Moody's Analytics through Copal, creating a leading outsourcing provider for the global financial sector, including nine of the 10 largest global investment banks.
Founded in 2003, Amba provides outsourced investment research and analytics to financial institutions, including asset managers, investment banks, broker-dealers, insurance and alternative investment firms. It operates service delivery centers in Costa Rica, India and Sri Lanka, as well as sales offices in major financial centers.
Amba expects to generate nearly $39 million of revenue in 2013.
"Amba is highly regarded for its offerings to investment research firms and asset managers, and Copal is known for its strong services for corporate finance. Together, their scale, talent and resources offer global financial institutions a broader array of research and analytics," said Mark Almeida, president of Moody's Analytics.
The deal, which is not expected to have a material impact on Moody's earnings per share, was funded from cash on hand, thought the terms of the transaction were not disclosed.