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Grant Thornton Bharat led the recently concluded USD108 mn acquisition of Clairvoyant AI Inc., a global data, AI, and cloud services firm by EXL Service Holdings Inc. (NasdaqGS: EXLS), a global analytics and digital solutions leader. Grant Thornton Bharat was the exclusive advisor for the shareholders of Clairvoyant AI.
Founded in 2012, Clairvoyant has consistently been named among the most innovative and fastest-growing privately held companies in the U.S. The company is headquartered in Phoenix, Arizona, and has offices across North America and India, employing over 550 people and serving clients in the financial services, healthcare, retail, and tech industries. The acquisition will help EXL add scale and expertise in data, AI, and cloud engineering to their fast-growing analytics business, accelerating their data-driven strategy and helping their clients generate greater value from cloud-based data and analytics platforms.
Abhay Anand, Partner, Lead Advisory at Grant Thornton Bharat who led the transaction said, “With the scaling up of digital companies and aggressive adoption of digital transformation, businesses increasingly require experts to handle the large volume of data and convert it into actionable insights. Chandra and his team at Clairvoyant have focused on this need and created a niche for themselves with rapid scale-up within 9 years to create an attractive and valuable business. With its high focus on big data and analytics, EXL has become a leader in this space. Therefore, it was an organic choice for Clairvoyant and its shareholders to partner with EXL ”.
Speaking on the transaction, Rohit Kapoor, CEO and Vice Chairman of EXL said “Data has become the lifeblood of every industry as businesses confront volatile swings in the economy, changes in consumer preferences and the need to continually adapt to new technology. Clairvoyant has established itself as a leader in data and cloud engineering, bringing many of the key structural components we need to expand our offerings and help our clients harness the power of data to enable better and faster decision making”.
As M&A activity intensifies in the sector, Grant Thornton Bharat’s Tech sector transaction specialists are helping companies prepare for and execute numerous successful transactions and leveraging their extensive global network to advise on the most international of deals. Siddhartha Nigam, National Managing Partner, Growth & Advisory said “This is a landmark deal for us and reinforces our focus on the sector. We have a stronghold when to comes to mid-market M&As and deals. We have built significant capabilities over the last few years in the IT and Technology space. This is our fourth deal in this space over the last 15-18 months”.
Vivek Jetley, Executive Vice President and Global Head of Analytics at EXL said “The need to quickly aggregate and interpret data has grown exponentially across industries in recent years. As our clients look to leverage the power of analytics for business advantage, they need to modernize their data capabilities to keep pace. Having worked closely with Clairvoyant, we believe that the combination of our domain expertise, data management and analytics capabilities and their industry-leading data and cloud engineering services will help clients increase agility and speed to value and set the stage for breakthrough solutions.”
“The relentless effort and precise process management of the deal team which involved maximizing strategic fitment from amongst multiple investors was key to the successful completion of this landmark transaction. The multi-investor process was completed in record time to deliver a transformational transaction which is highly synergistic, contributing significant customer-centric data capabilities to the acquirer,” said Sumeet Abrol, Partner and Head – Lead Advisory at Grant Thornton Bharat.
Chandra Ambadipudi, Co-Founder and Chief Executive Officer, Clairvoyant said “We are thrilled to join forces with EXL. We share a culture of fearless innovation and a relentless commitment to helping our clients overcome some of their biggest challenges, by integrating our capabilities with EXL’s broad reach and expertise, we will be able to add value across a much wider range of clients and unlock exciting new growth opportunities along the way.”
Grant Thornton Bharat was recently conferred with two global M&A awards: ‘M&A Firm of the year Award (mid-market category)’ and ‘Cross border deal of the year’ at the recent M&A Atlas Awards 2021. As one of India’s leading transaction advisors, this recognition has further strengthened the efforts of the firm towards shaping a Vibrant India and creating gold standards in consulting and advisory.
EXLService Holdings Inc (NASDAQ: EXLS) is a global analytics and digital solutions company that partners with clients to improve business outcomes and unlock growth. Bringing together deep domain expertise with robust data, powerful analytics, cloud, and AI, we create agile, scalable solutions and execute complex operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media, and retail, among others. Focused on driving faster decision-making and transforming operating models, EXL was founded on the core values of innovation, collaboration, excellence, integrity and respect. Headquartered in New York, our team is over 34,000 strong, with more than 50 offices spanning six continents.
Clairvoyant is a global technology consulting and services leader that helps organizations in their business transformation by maximizing the value of data through actionable insights. The company provides data engineering, analytics, machine learning, product engineering, and cloud-based solutions to some of the world's largest brands. Founded in 2012, Clairvoyant is headquartered in Phoenix, AZ, with offices in the U.S., Canada, and India. For more information, visit www.clairvoyant.ai.