ExlService Holdings, Inc. 10-Q filed Oct 27, 2026

Modified · Recent Developments

On June 22July 31, 2026, we, through our wholly owned subsidiary Clairvoyant AI, Inc. entered into a securities purchase agreement ( completed the “Purchase Agreement”) to acquire 100% acquisition of the equity securities of I Merit Inc., a Delaware Corporation (“iMerit”), in exchange for upfront cash consideration of $170 milliona recognized leader in AI model training, subject to certain post-closing adjustmentsevaluation and reinforcement learning, and up to an additional $140 million in cash incentives and earnouts over two years contingent on meeting specified milestonesthrough our wholly owned subsidiary Clairvoyant AI, as set forth in the Purchase AgreementInc. iMerit ispursuant to a recognized leader in AI model trainingsecurities purchase agreement dated June 22, evaluation and reinforcement learning2026. It is focused on helping its clients train large language and multimodal models to improve accuracy, precision, and effectiveness. The acquisition strengthens our ability to help enterprises achieve measurable outcomes from AI, buildsbuild partnerships with leading foundation model builders and expands itsour reach into high-growth AI tech sectors. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including expiration or termination of the waiting period for applicable antitrust regulations.