D2K's CEO, VK Sudhakar stated that it will improve market reach, scale capacities, and enable the adoption of best practices in the business
Mumbai, 23 October, 2023: ICRA Analytics Ltd., a wholly owned subsidiary of ICRA, 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. ICRA Ltd. disclosed this on the day of its Q2 FY24 results last Friday.
D2K is a well-known provider of software solutions to Indian banks and other financial institutions. With deep domain expertise, 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.
Ramnath Krishnan, MD & Group CEO of ICRA Ltd., commented on the development, saying, "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, expressed excitement about joining the ICRA family, stating that it will improve market reach, scale capacities, and enable the adoption of best practices in the business.
