EXL Services has acquired IQR Consulting, a U.S.-based provider of marketing and risk analytics solutions for the banking industry.
Based in Reston, VA, IQR Consulting will ease EXL’s effort to penetrate deeper into the lower layers of the American financial services industry made up of regional banks and credit unions.
On its website, IQR claims it used data analytics to maximum effect, offering several analytical solutions that help clients optimize marketing, classify customers, score risk, and predict fraud well in advance.
Central to its operation is a delivery hub in the Indian city of Ahmadabad, where EXL says it can henceforth start “tapping into a deep talent pool” for data scientists.
Even after the deal is closed, IQR will continue operating its delivery center in Ahmedabad, but as a partner for EXL’s analytics unit. IQR has also developed predictive algorithms and real-time reporting tools, something business leaders often look for to gain a deeper insight into their operation.
“Analytics is a key growth driver for EXL,” says Rohit Kapoor, CEO of EXL. “We continue to build what is already a world-class franchise in the banking vertical.”
For the New York City-based EXL, this is the second acquisition this year, after it purchased LISS Systems, which provides digital customer acquisition and policy administration solutions for the insurance industry.
EXL expanded to Latin America two years ago when it acquired a majority stake in the BPO unit of Colombian technology services firm Carvajal Tecnologia y Servicios and launched a delivery center in Cali. They have since been jointly running operations in Mexico, Peru, Ecuador, and Panama.
“At IQR, we are passionate about using data analytics to solve real business problems for our clients and help them create growth opportunities,” said Rahul Nawab, Chief Executive Officer of IQR.