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Perfios Acquires CustomerXPs, Clari5
Perfios, a provider of software services to banks and other financial services companies, has acquired CustomerXPs, which operates a fraud detection platform called Clari5.
Perfios did not disclose any financial terms for the acquisition. The company’s CEO, Sabyasachi Goswami, stated that the entire Clari5 team will be integrated into Perfios, which has around 1,500 employees currently.
Clari5, founded by Rivi Varghese, has approximately 200 employees and will become a wholly owned subsidiary of Perfios. Varghese, who serves as CEO of Clari5, previously worked at Microsoft before starting the company.
Data from Tracxn shows that Clari5 has raised around $3.9 million in equity funding since its inception in 2006. In the financial year 2024, Clari5 reported a net profit of Rs 3.4 crore on revenue of Rs 76.5 crore.
"We acquired this company to strengthen our product capabilities in the area of fraud management and mitigation, which we believe is a large business opportunity and a major point of concern for the global banking system," Goswami said.
The Clari5 leadership team will continue to operate as an independent entity within the group, Goswami stated.
"We are present in 18 countries and Clari5 has operations in 15 countries, so we can help each other in strengthening our business outside India as well," he said.
Perfios helps lenders underwrite customers and businesses by analyzing their bank statements, payslips, and passbooks digitally. With Clari5 as a group product, it can bundle fraud detection as a complimentary product offering as well.
The firm, founded in 2008, was last valued at around $2.5 billion and has raised $450 million in equity capital from investors like Warburg Pincus, Kedaara Capital, and Bessemer Venture Partners.
During its last fundraising of $80 million in March 2024, Goswami had stated that he would be looking to invest in international expansion and acquisition.
"We are always open to new opportunities, but we need to overlap on three major areas, product compatibility, business opportunity, and financial viability," Goswami told ET.
Published On Feb 7, 2025 at 10:02 AM IST
Category Most Read Placement
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