EXLservice Holdings Inc. Announces Strategic Acquisition of iMerit

On June 24, 2026, ExlService Holdings, Inc. (NASDAQ: EXLS), a prominent player in the global data and artificial intelligence (AI) landscape, unveiled its definitive agreement to acquire iMerit. This strategic move is valued at up to $310 million, comprising upfront and future considerations aimed at bolstering EXL's leadership in the burgeoning enterprise AI sector. The acquisition is anticipated to close in the third quarter of 2026, pending the usual closing conditions.

iMerit is widely recognized for its expertise in AI model training, evaluation, and reinforcement learning, focusing on enhancing the performance of large language and multimodal models. This acquisition is designed to strengthen EXL’s capabilities, allowing the company to assist enterprises in transitioning from AI experimentation to full-scale production. According to Rohit Kapoor, EXL's Chairman and CEO, “The acquisition of iMerit strengthens EXL’s AI strategy and ability to help clients move from experimentation to production.”

The integration of iMerit into EXL’s operations is set to provide significant advantages, including:

iMerit’s proprietary Ango platform and Scholars network will enhance EXL’s existing AI frameworks. The Ango platform facilitates sophisticated data interactions with generative AI models, fostering improved reasoning and multimodal evaluations. Meanwhile, the Scholars network comprises a global team of specialists, providing exceptional domain expertise necessary for human intelligence-driven feedback workflows crucial in reinforcement learning.

EXL plans to seamlessly integrate Ango with its existing platforms, including EXLerate.ai, EXLdata.ai, and EXLdecision.ai. This integration will facilitate a comprehensive AI platform that accelerates the transition of enterprises from pilot projects to full-scale implementations.

Radha Ramaswami Basu, CEO and founder of iMerit, expressed enthusiasm for the acquisition, stating, “We see EXL as an ideal leader in this defining moment for AI. Both companies share a belief that specialized high-quality data is the foundation of AI success.” This shared vision underscores the potential for collaborative growth and innovation in the AI domain.

The acquisition not only enhances EXL’s vertically integrated AI stack but also allows the company to refine and develop domain-specific language models. This capability is particularly crucial for industries that face stringent regulations, such as healthcare, insurance, banking, and capital markets, where EXL has established itself as a trusted partner.

Furthermore, the transaction positions EXL to penetrate high-growth AI sectors, including high tech, mobility, autonomous systems, and physical AI, leveraging iMerit’s expertise across diverse data modalities such as text, image, video, voice, and LiDAR.

The acquisition involves an upfront payment of $170 million, with an additional $140 million contingent upon meeting specified performance milestones over the next two years. The deal is expected to close in Q3 2026, subject to customary closing conditions.

EXL will conduct a conference call today at 12:00 P.M. ET to provide further insights into this acquisition and its implications for the company and its clients. Interested parties can access the call through the investor relations section of EXL’s website.

With the acquisition of iMerit, EXLservice Holdings Inc. positions itself at the forefront of the AI revolution, enhancing its capabilities and expanding its reach into vital sectors of the economy. This strategic move is expected to yield significant benefits for both EXL and its clients, paving the way for innovative AI solutions tailored to meet the demands of an evolving marketplace.