EXL to Acquire AI Training Firm iMerit for up to $310 Million

ExlService Holdings, Inc. (EXLS) announced it has entered into a definitive agreement to acquire iMerit Inc., a company specializing in AI model training, evaluation, and reinforcement learning. The acquisition is intended to strengthen EXL's enterprise AI capabilities and expand its reach into high-growth AI technology sectors.

Key Details

• Acquisition Terms: The deal includes $170 million in upfront cash and up to an additional $140 million in performance-based incentives and earnouts over two years.
• Timeline & Funding: The securities purchase agreement was signed on June 22, 2026. The transaction is expected to close in the third quarter of 2026 and will be funded with available cash and borrowings from its credit facility.
• Strategic Rationale: The acquisition enhances EXL's ability to help clients build and deploy enterprise-grade AI by integrating iMerit's expertise in training large language and multimodal models.