ICRA Analytics Ltd announced that it has entered into a definitive agreement to acquire a majority stake in D2K Technologies India Pvt Ltd. “This acquisition will enhance ICRA’s ability to offer tech-backed solutions in risk assessment and analytics, which will play a significant role in shaping the progress of Indian lending and financial services markets,” the company said in a statement.
D2K is a software solutions provider to Indian banks and other financial institutions. D2K assists financial institutions in meeting regulatory compliances, improving business operations, increasing customer acquisition and retention, and developing robust analytical platforms. The proposed acquisition will cost Rs 15.4 crore and is subject to closure of customary conditions, it added.
Ramnath Krishnan, MD & Group CEO, ICRA Ltd, said, “We believe technology will play a tremendous role in shaping the progress of Indian lending and financial services markets. This acquisition strengthens our existing portfolio and will enhance ICRA’s ability to offer strong tech-backed solutions in our core areas of risk assessment and analytics. Further, this is consistent with our strategy of expanding our risk and analytics franchise.”
ICRA’s portfolio currently includes frameworks and tools for credit risk assessment and monitoring, including solutions for expected credit loss calculations and counterparty risk. The addition of D2K’s tech-enabled solutions will augment ICRA’s product suite to meet evolving market requirements.
D2K’s CEO, VK Sudhakar, said that the partnership will improve market reach, scale capacities, and enable the adoption of best practices in the business.
Earlier last week, ICRA Limited released its consolidated financial results for Q2FY24 and H1 for the period ended September 30, 2023. Consolidated revenue from operations increased by 6.4 per cent to Rs 104.9 crore for the second quarter ended September 2023, compared to Rs 98.6 crore in the corresponding quarter of the previous year. Consolidated revenue from operations increased by 8.6 per cent to Rs 207.6 crore for the half-year ended September 2023, compared to Rs 191.1 crore in the corresponding previous year.