ExlService Holdings: iMerit Accelerates Enterprise AI Strategy

Research evidence excerpt

ExlService Holdings: iMerit Accelerates Enterprise AI Strategy

USA | IT Services

ExlService Holdings EquityJuneResearch24, 2026

FLASH NOTEiMerit Accelerates Enterprise AI Strategy

EXLS has agreed to acquire iMerit for up to $310M. The deal advances RATING BUY

EXLS’s enterprise AI positioning by adding new AI implementation capabilities, PRICE $26.34^

expanding its relationships in high-growth sectors, and tightening its integration PRICE TARGET | % TO PT $39.00 | +48%

with foundational model companies. We view the deal positively as EXLS should 52W HIGH-LOW $47.11 - $25.18

now be able to provide AI services from model design and calibration through FLOAT (%) | ADV MM (USD) 94.1% | 66.79

enterprise workflow implementation. MARKET CAP $4.1B

TICKER EXLS

A specialized human-plus-platform AI data business. iMerit specializes in AI fine-tuning, ^Prior trading day's closing price unless otherwise noted.

evaluation, and reinforcement learning, helping frontier labs and enterprises build more accurate,

domain-aware models. The business is built on two proprietary assets: the Ango platform, which

powers chain-of-thought reasoning, model stress testing, and multimodal evaluations, and the

Scholars network, a curated global community of physicians, scientists, engineers, and other Related Research

subject-matter-experts that powers human-feedback workflows. iMerit will bring roughly 3,600

IT Services—A Lay of the Land Post 1Q;FTEs, plus the Scholars contractor base. Mgmt described the business as having both annuity-like

Downgrade EPAM and GDYN; Upgraderecurring streams and project-based work with attractive, long-tenured customers. iMerit takes a

EFOR (5/29/2026)more services-focused approach, rather than a platform approach used by some competitors.