EXL to Buy AI Training Firm iMerit in $310M Deal
ExlService Holdings is acquiring iMerit to bolster its AI model training capabilities and deepen ties with foundation model developers.
If you've been watching the AI arms race heat up, here's another big move to add to your radar. ExlService Holdings (NASDAQ: EXLS), a data and AI company, just announced it's buying iMerit — a specialist in training and evaluating the large language and multimodal models that power today's AI tools. The deal is valued at up to $310 million in upfront and future payments, and the two companies expect to wrap things up sometime in the third quarter of 2026, assuming standard closing conditions are met.
So what does iMerit actually do? Think of it as the behind-the-scenes crew that makes AI smarter. The company helps clients fine-tune large AI models through training, evaluation, and reinforcement learning — essentially teaching models to be more accurate and useful. That's a skill set that's in serious demand right now as businesses scramble to squeeze real, measurable value out of their AI investments rather than just experimenting with shiny new tools.
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For EXL, this acquisition is a strategic play on multiple fronts. It not only adds deep technical muscle in foundation model development, but it also opens doors to the fast-growing AI tech sector and positions EXL closer to the big-name companies actually building those foundational AI systems. In plain terms, EXL wants to be the partner enterprises call when they need AI that actually works — not just AI that sounds impressive in a boardroom presentation.
The deal reflects a broader trend of established data services companies snapping up specialized AI talent and technology before the window closes. As foundation models become the backbone of enterprise software, the companies that know how to train and refine them hold serious leverage. Whether the $310 million price tag pays off will depend on how quickly EXL can integrate iMerit's capabilities and convert that expertise into client wins.
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