In continuing with its expansion strategy, Nihilent Technologies, a Pune based global consulting and IT services solutions integrations company, today announced its acquisition of ICRA Techno Analytics Ltd (ICTEAS – www.icteas.com ) for INR 68.75cr ($10 mn). ICTEAS is a wholly owned subsidiary of the credit rating agency ICRA, a Moody’s investors service company. An agreement has been reached between the companies wherein Nihilent will acquire full ownership of ICTEAS. ICTEAS is a Kolkata headquartered company, with offices in California and Connecticut in the United States, and has deep expertise in analytics, data engineering and business process management.

“This acquisition is a strategic fit for both Nihilent and ICTEAS”, said L.C. Singh, Vice-Chairman and CEO of Nihilent. “ICTEAS’s deep experience in creation of IP, especially IN data science and BI complements our capability being a complete change management organization.”
Nihilent, with a consistent track record of delivering organizational change systemically for its clients, will now be able to enhance and consolidate its expertise in BI and Analytics, and present its offerings to clients world over.

Minoo Dastur, President and COO, Nihilent added, “The Nihilent Group has been strategically focused for the past decade on Enterprise Transformation and the realization of Digital Strategies by its global clientele and this partnership will enable the teams to provide services to clients globally across a range of business and technology driven solutions. Our other additions to the Nihilent family are testimony to our focused endeavours in this direction”
“The sale of ICTEAS contributes to ICRA’s continued focus on our core credit ratings and research business,” said Naresh Takkar, MD and CEO at ICRA. “I believe the sale is beneficial to stakeholders and employees of both companies, as it will help each business achieve its full potential.”

 About Nihilent

Nihilent Technologies is a global consulting and solutions integration company using a holistic and systems approach to problem solving. Headquartered in Pune, India, Nihilent’s executive team has over 500 person-years of experience in international consulting, IT outsourcing and IT services. They have made major intellectual contributions to the development of IT around the world. Nihilent’s operations span North America, Europe, Africa, Middle East, Asia and Australia. www.nihilent.com

About ICTEAS
ICRA Techno Analytics Limited is a global information technology organization, with offices in India and USA, and partners across Asia, Europe and America. Their core strengths are Business Intelligence (BI) and analytics where their frontline BI product, popularly known as the TurfView suite, is currently deployed across more than 15 countries by clients such as British Petroleum. The company also offers Engineering Design Services. For more information, visit www.icteas.com

About ICRA
ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited), set up in 1991 by leading financial institutions is an independent and professional investment and credit rating agency. Moody’s investors service, the international credit rating agency, is ICRA’s largest shareholder. For more information, visit www.icra.in