EXL to Acquire AI Firm iMerit in Deal Worth Up to $310M
ExlService Holdings is buying iMerit, an AI model training specialist, in a deal valued at up to $310 million expected to close in Q3 2026.
ExlService Holdings (NASDAQ: EXLS) announced Tuesday it has signed a definitive agreement to acquire iMerit, a specialist in AI model training, evaluation, and reinforcement learning, for up to $310 million in upfront and future consideration. The New York-based data and AI company said the deal is expected to close in the third quarter of 2026, pending customary regulatory and closing conditions.
iMerit has carved out a recognized position in helping clients train large language models and multimodal AI systems, with a focus on improving accuracy, precision, and overall model effectiveness. Bringing that capability under the EXL umbrella is a direct play to deepen the acquirer's foothold in the competitive enterprise AI market, where demand for reliable, production-ready AI solutions is accelerating sharply.
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For EXL, the strategic logic extends beyond a single product line. The company said the acquisition is designed to forge closer partnerships with leading foundation model builders — the firms developing the underlying AI systems that power a growing share of enterprise software — while simultaneously expanding its reach into high-growth AI technology sectors that sit adjacent to its core analytics and business process business.
The move signals how established data services firms are racing to embed themselves earlier in the AI value chain, acquiring specialized talent and tooling rather than building from scratch. iMerit's reinforcement learning and human-feedback expertise, in particular, represents capabilities that are increasingly critical as enterprises demand more controllable and explainable AI outputs from large models.
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