US-based consumer credit reporting agency Equifax Inc plans to acquire remaining 49 per cent equity stake in Bangalore-based data analytics and business intelligence company NettPositive, subject to necessary approvals, according to a press release.
Equifax had acquired controlling 51 per cent stake in NettPositive in 2012 for an undisclosed amount. Following the completion of the remaining stake, the Bangalore-based company will become an operating entity of Equifax India.
"NettPositive has proven to be a tremendous asset to our growing business in India, and we are excited to take this next step to deepen our commitment to the marketplace," Equifax's managing director of Emerging Markets Shahid Charania said.
"We have been greatly encouraged by the momentum we've seen so far with Equifax India â€“ from signing 125 financial institution customers to our credit bureau, to surpassing 400 million records â€“ and we look forward to welcoming the NettPositive team into our expansive network of talented Equifax employees," he added.
"NettPositive has had a relationship with Equifax India for many years, and we are fully confident that the business we built will continue to thrive and prosper under their excellent leadership," NettPositive's founders Viraj Tyagi and Nitin Gupta said in a joint statement.
Nettpositive was founded in 2007 by Tyagi and Gupta, alumni of IIM Bangalore, and currently has operations in Bangalore, Mumbai and Dubai. The company provides analytics and business intelligence solutions to the financial services, insurance, retail and telecommunications industries in India, the Middle East and Africa.
Headquartered in Atlanta, Equifax organises and assimilates data on more than 600 million consumers and 81 million businesses worldwide.
(Edited by Joby Puthuparampil Johnson)