EXL to acquire iMerit in $310M AI deal

• EXL Service Holdings (NASDAQ:EXLS) agreed to acquire iMerit for up to $310 million in upfront and future consideration.
• iMerit provides AI model training, evaluation, and reinforcement learning services for enterprise clients.
• The deal is expected to close in Q3 2026, subject to regulatory and antitrust approvals.

EXL Service Holdings (NASDAQ:EXLS) signed a definitive agreement to acquire iMerit, a company specializing in AI model training, evaluation, and reinforcement learning services, in a transaction valued at up to $310 million.

The acquisition is designed to strengthen EXL’s enterprise artificial intelligence capabilities and expand its vertically integrated AI service stack across multiple industries.

EXL said the deal will increase its exposure to high-growth sectors, including high tech, mobility, autonomous systems, and physical AI applications.

The transaction remains subject to customary closing conditions, including antitrust approvals, and is expected to close in the third quarter of 2026.

The acquisition reflects continued consolidation in the AI services market as companies expand capabilities in model training and enterprise AI deployment.