Crisil buys Irevna for Rs 43 crore

Our Banking Bureau
20 October 2004

Mumbai: Rating agency Crisil Ltd has acquired the Chennai-based equity research and analytics specialist firm, Irevna, for an initial cash payment of about Rs43 crore.

A Crisil press release said here that it had signed a memorandum of understanding on Tuesday to acquire 100 per cent equity shares in Irevna. Crisil will immediately pay 60 per cent in cash and the rest at the end of a year, the release said.

R Ravimohan, managing director, Crisil, said, "The acquisition provides a fillip to Crisil's global equity research business aspirations and strengthens our service offerings. Post acquisition, there will be no change in Irevna's management or in its delivery model. Also all the employees will continue to be part of the business."

This is Crisil's third acquisition in less than a year. The annualised profit of the latest acquisition, Irevna, is expected to be around Rs 7.5 crore.

Selvan Swamy, founder and CEO of Irevna, was quoted in the release as saying, "Strategically, Irevna will leverage Crisil's brand equity and financial strength to generate further high growth. Operationally, the synergies will be realised because of the shared values of high quality, employee welfare and integrity."