Mumbai-based marketing analytics firm Hansa Customer Equity Pvt Ltd, or Hansa Cequity, has acquired a majority stake in data science company D-Square Solutions Pvt. Ltd.
The development was first reported by Mint, citing a company statement.
Queries sent to the two companies did not elicit a response by the time of filing this report.
Bangalore-based D-Square was founded by Anand Srinivasan in 2009. Srinivasan is an alumnus of IIT Madras and Purdue University. He has previously worked with Sabre Corporation and had short stints at Mu Sigma and Dell.
D-Square will function as a separate entity after the acquisition. One of its key offerings is 'smartfaster', a proprietary data analytics methodology.
Hansa Cequity was founded in 2008 by RK Swamy Hansa Group along with S Swaminathan, a former executive at iContract, which is part of JWT India; and Ajay Kelkar, a former chief marketing officer at HDFC Bank.
In June last year, Hansa Cequity had raised Rs 30 crore ($4.7 million) from private equity firm ASK Pravi in its first round of funding.
Some other investments in the data science segment include India's second-largest IT services firm Infosys Ltd putting $4 million in Delaware-based startup Waterline Data Science Inc.
This week, data sciences and analytics startup Sagacito Technologies Pvt. Ltd disclosed it has raised funding to push ahead with its expansion plan.
There have been several other acquisitions in the analytics field. E-commerce marketplace Snapdeal acquired Insightful Labs Inc., which operates data analytics provider Targeting Mantra, in May.
Also, San Francisco- and Chennai-headquartered cloud-based customer service software provider Freshdesk Inc acquired Faridabad-based Memeticlabs Technologies Pvt Ltd, which operates social media listening and analytics platform Airwoot.
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