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Global Research & Analytics – IREVNA, a division of CRISIL
IndustryOffshoring / Global Research & Analytics
HeadquartersChennai, India
Key people
V Srinivasan
ProductsFinancial Services
Risk and Analytics
Corporate Services
Number of employees
1500 (as of 2012 end)

Global Research & Analytics – Irevna is an offshoring company based in India operating in the Financial Research & Analytics segment of the Knowledge Process Outsourcing (KPO) industry. It is known for its equity, credit, derivatives research for investment banking clients, actuarial support for the insurance companies and research support for corporates. According to Datamonitor's The Black Book of Outsourcing, survey participants ranked Irevna #1 in 14 of the 18 evaluation criteria [2009]

Founded in 2001, it is now a division of CRISIL Ltd (NSE:CRISIL, BSE:500092). CRISIL's majority shareholder is Standard & Poor's, a division of The McGraw-Hill Financial Companies and one of the world's providers of financial market intelligence.

In September 2010, CRISIL-Irevna signed an agreement to acquire Chicago-based Pipal Research Corporation (Pipal), another player in the KPO space for a consideration of $12.75 million. This marked the first acquisition of a KPO firm by a third party pure-play KPO firm. According to CEO of CRISIL Ltd, the acquisition was completely complementary in terms of research centers, business development centres and service offerings.:[1]

In June 2012, CRISIL GR&A acquired UK-headquartered Coalition Development Ltd. along with its subsidiaries (Coalition). Coalition provides high-end analytics, mainly to leading global investment banks. A change from the earlier GR&A service company acquisitions), Coalition, a premium product based company, was formed in 2002 and reported 2011 revenues of GBP 8 million. Subject to conditions, the acquisition was CRISIL GR&A's largest at the time of announcement and payout could reach GBP 29 million over 2 years.:[2]


Ownership Structure

Global Research & Analytics-Irevna is a division of CRISIL, India's leading ratings, research, risk and policy advisory company.

CRISIL's offerings includes credit ratings and risk assessment; research on India's economy, industries and companies; investment research outsourcing; fund services; risk management and infrastructure advisory services.

CRISIL's majority shareholder is Standard & Poor's, a McGraw-Hill Company.

Irevna Ownership Structure


Global Research & Analytics-Irevna offers services (excluding Coalition) in the following verticals:[3]


The company has multiple research centres and sales offices across the world. The main research centres are located in:

  1. Mumbai , India: Irevna has two research centres in Mumbai. The first one caters to Fixed Income and credit research; while a second newly built office caters towards Equity and Derivative research. The centre is located near its parent CRISIL Ltd.
  2. Chennai, India: The original research centre of the company. There are three offices located in various parts of the city. The delivery centres in Chennai cater to European, North American and Asia-PAC clients. The Chennai offices primarily conduct Equity, Derivative and Quantitative research. The latest delivery centre was operational from 2007 onwards.Map [4]
  3. Pune: Irevna opened another research centre in the city of Pune in 2011. This center caters to all the research verticals of the CRISIL GR&A group, in addition to other divisions of CRISIL
  4. Delhi: This center was acquired as a result of the Pipal acquisition and houses the corporate research and support vertical. Multiples centers at Gurgaon and Pipal were consolidated into one facility at Gurgaon in 2012
  5. Buenos Aires, Argentina: The Argentina research centre was opened with the intention of providing real time support for North American operations. The team focuses primarily on equity and credit research. Map[5]
  6. Wroclaw, Poland: Poland research centre focus on Quantitative Research.
  7. Hangzhou, China: The China research centre started in 2011 and caters to clients requiring research support in East Asian languages. Services provided include Primary Research support, in addition to Equity and Credit research.

This above locations doesn't include Coalition Offices.

Other information


Founded in 2001, the company was initially known as Irevna Solutions Private Limited and was based out of Hyderabad, India . The company relocated to Chennai in 2003 and was renamed Irevna Research Services Pvt. Ltd. In 2005, CRISIL announced its intention to purchase Irevna Research Services for an initial cash payment of about Rs 43 crores (Approx US$8.6 Million, based on then USD-INR exchange rate).[6] The company has since been rechristened as Irevna, a division of Crisil. Subsequently, in 2011, the global research support units of CRISIL have been rebranded as "CRISIL – Global Research and Analytics" (Irevna and Pipal serve as exclusive brands for external clients; and a Captive unit)

Irevna moved to Chennai in 2002 with about 20 people. At the start of 2010, the Chennai operations alone have grown over 25 times and accounts for around 40% of CRISIL's global offshoring operations.[7]

Irevna claims to have pioneered the concept of "offshoring investment research" to the world's leading investment banks and financial institutions.[8]

The company became ISO 27001 (BS 7799) certified in November 2006.

Recognition & Awards

The company has been consistently ranked the best outsourcer in its niche segment of high end financial research & analytics space.

Year Rank Category
2009 1 Financial Services Provider
2009 1 Corporate Finance Support & Advisory
2009 1 Risk Management & Actuarial Services
2009 1 Financial Services Analytics
2008 2 Financial Services Industry Analytics
2007 1 Financial Services Industry Analytics
2006 1 Investment Research Outsourcing

Sourced: Datamonitor-Black Book of Outsourcing [3]


External links