Crisil's board of directors has approved the 100% acquisition of the equity share capital of Peter Lee Associates for a cash consideration of AUD 6.15 million, subject to closing adjustments. A binding agreement with respect to the acquisition was signed today. The acquisition will be done through Crisil's 100% subsidiary, Crisil Irevna Australia.
The purchase will add to Crisil's current line of products and allow it to reach new markets, such as Australia and New Zealand, as well as segments of the financial services industry, such as commercial banks and investment management. The deal will accelerate Crisil's strategy in the APAC region to become the foremost player in the growing market. The acquisition is expected to be completed in three months, subject to extensions as necessary for the completion of actions.
Amish Mehta, managing director and CEO of Crisil, said, "Peter Lee is the pre-eminent brand for benchmarking analytics in Australia and New Zealand. The acquisition complements CRISIL's existing portfolio and accelerates its strategy in the APAC region to be the foremost player in the growing market."
Founded in 2004 and headquartered in Australia, with a presence in New Zealand, Peter Lee is a research and consulting firm that provides benchmarking research programmes to the financial services sector. Peter Lee conducts annual research programmes across Australia and New Zealand in various areas of banking, markets, and investment management.
Through this research, Peter Lee delivers annual syndicated research programmes, which provide clients with a view on broader market trends—and their own competitive positioning across a wide range of measures covering penetration, share, cross-sell, marketing activity, capability, and service.
Cameron Peter and Sandhya Chand, managing directors of Peter Lee Associates, said, "Over the last four decades, the Peter Lee Associates team has been a strategic partner to financial institutions in the region. We are excited to join Crisil as this will help us adopt global best practises and expand our product suite on benchmarking insights."
Peter Lee's businesses acquired by Crisil earned AUD 3.2 million in revenues from operations in fiscal 2022, AUD 3.0 million in fiscal 2021, and AUD 2.4 million in fiscal 2020.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
