23 Jul 2026
Deal: Trilegal advised iMerit and its shareholders on its proposed acquisition by EXL for USD 310 million
06 Jul 2026
06 Jul 2026
Trilegal advised iMerit and its shareholders in connection with the proposed acquisition of iMerit by ExlService Holdings, Inc. (NASDAQ: EXLS) (“EXL”), a global data and AI company, in a transaction valued at up to USD 310 million in upfront and future consideration. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.
Trilegal’s scope included advising on various structuring aspects of the transaction, including structuring pertaining to treatment of outstanding ESOPs of iMerit, and negotiating and finalising the share purchase agreement and ancillary documentation, including disclosure schedules, restrictive covenant agreements, and employment agreements. Trilegal also advised iMerit in relation to the transition of its employees, and in negotiation and finalisation of the related documentation for the same, including transfer agreements, services agreements, and offer letters.
iMerit is a recognized leader in AI model training, evaluation and reinforcement learning, focused on helping its clients train large language and multimodal models to improve accuracy, precision and effectiveness.
ExlService Holdings, Inc. is a global data and AI company serving industries including insurance, healthcare, banking and financial services, media, retail, and others.
The Trilegal Deal Team advising on the matter was led by Partners: Abhishek Guha and Tanya Uppal; and supported by Senior Associates: Shreya Gokhale and Vijay Chawla.
The Trilegal Labour and Employment Practice team advising on the matter was led by Partner: Apeksha Mattoo; and supported by Senior Associate: Maitreya Sharma; and Associates: Achintya Anupam and Anjali AR.
The Trilegal Real Estate Practice team advising on the matter was led by Partner: Monika Bhonsale; and supported by Senior Associate: Uday Shah; and Associate: Muskan Dadia.
The Trilegal Competition Practice team advising on the matter was led by Partner: Gauri Chhabra.
The Trilegal Intellectual Property Practice team advising on the matter was led by Partner: Kirti Balasubramanian
The Trilegal Technology, Media, and Telecommunications Practice team advising on the matter was led by Partner Jishnu Sanyal.
About Trilegal
Trilegal is a leading full-service law firm in India with over 25 years of experience, trusted for its in-depth expertise and client-centric approach. The firm advises a diverse set of clients, including Fortune 500 companies, global investment funds, major Indian conglomerates, domestic and international banks, technology and media giants, family offices, and high-net-worth individuals. With 161 partners operating under a distinctive lockstep model, Trilegal is the largest equity partnership in the country. The firm retains over 1,300 professionals across its Mumbai, Delhi, Gurugram, Bengaluru, Chennai, Pune, and GIFT City offices.
Trilegal has consistently been recognised among India’s top-tier firms in leading legal directories such as Chambers & Partners (Asia Pacific and Global), Legal 500 Asia Pacific, and Benchmark Litigation. It has also earned several prestigious accolades, including being named Law Firm of the Year at the ET Global Legal Awards2026, Best Overall Law Firm by India Business Law Journal (IBLJ) 2025, Innovative Lawyers in Disputes & Crisis Management by the Financial Times (FT) Innovative Lawyers Asia-Pacific Awards in 2025, M&A Firm of the Year by IFLR Asia-Pacific in 2024.
For more information, please get in touch with Prakruti Jani | Mob: +91-9867868976 | BD@trilegal-test.kwebmaker.co.in.
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