M&A DealsMarTech Platforms & Strategy
EXL to Acquire iMerit, Strengthening Enterprise AI Leadership with Foundation Model Expertise
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EXL has entered into a definitive agreement to acquire iMerit, a recognized leader in AI model training, evaluation, and reinforcement learning technologies, in a deal valued at up to $310 million in upfront and future consideration. The transaction is expected to close during the third quarter of 2026, subject to customary closing conditions and regulatory approvals.
The acquisition represents a significant strategic move for EXL as it continues to strengthen its position as a global data and AI company. By adding iMerit's specialized expertise, EXL aims to enhance its ability to help enterprises move beyond AI experimentation and achieve measurable business outcomes through advanced AI deployment and operationalization.
Under the terms of the agreement, EXL will pay approximately $170 million upfront, with an additional $140 million tied to future performance-based earnouts over a two-year period. The acquisition will bring iMerit's capabilities in AI model training, evaluation, reinforcement learning, and human-in-the-loop AI workflows into EXL's growing AI portfolio.
Founded as a provider of advanced AI data solutions, iMerit has built a reputation for supporting some of the world's most sophisticated AI initiatives, including foundation models, autonomous systems, generative AI, computer vision, and medical AI applications. The company combines expert human intelligence with technology platforms to support model development, tuning, alignment, and evaluation at scale.
For EXL, the acquisition strengthens a broader strategy focused on helping enterprises operationalize AI across critical business functions. The company has recently expanded its AI portfolio through new agentic AI solutions, decision intelligence capabilities, and integrations designed to help organizations deploy AI more effectively across business workflows.
The addition of iMerit is expected to deepen EXL's relationships with leading foundation model developers while expanding its presence in high-growth sectors such as autonomous systems, mobility, physical AI, and advanced enterprise AI applications. The transaction also strengthens EXL's vertically integrated AI stack by combining data, analytics, AI operations, model evaluation, and domain expertise within a single enterprise platform.
As organizations increasingly seek trusted partners capable of supporting the full AI lifecycle—from data preparation and model training to deployment, monitoring, and optimization—the acquisition positions EXL to address growing demand for enterprise-grade AI solutions that deliver measurable business value.
The deal highlights a broader trend across the AI industry, where organizations are investing heavily in capabilities that support foundation model development, reinforcement learning, model evaluation, and responsible AI deployment. As enterprises accelerate AI adoption, specialized expertise in these areas is becoming a critical competitive differentiator.
Transaction Highlights
- Transaction value of up to $310 million.
- Approximately $170 million payable at closing.
- Up to $140 million in performance-based earnouts over two years.
- Expected closing in Q3 2026, subject to customary conditions.
- Expands EXL's capabilities in foundation models, AI training, evaluation, and reinforcement learning.
About EXL
EXL is a global data and AI company that helps organizations improve business outcomes through analytics, digital operations, artificial intelligence, and domain expertise. The company serves clients across industries including insurance, banking, healthcare, retail, and emerging AI-driven sectors.
About iMerit
iMerit is a provider of AI data solutions specializing in model training, evaluation, reinforcement learning, data annotation, and human-in-the-loop AI services. The company supports foundation model developers, enterprise AI initiatives, autonomous systems, and generative AI applications worldwide.