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09 Jul 2026

Trilegal and Sheppard advise on EXL’s up to $310 million acquisition of iMerit

"Trilegal advised iMerit and its shareholders, while Sheppard advised ExlService Holdings, Inc. (EXL) on EXL’s definitive agreement to acquire iMerit for up to $310 million in upfront and future consideration. The deal, which will expand EXL’s AI capabilities and partnerships with foundation model developers, is expected to close in Q3 2026 subject to customary conditions."

Trilegal advised iMerit and its shareholders, while Sheppard advised ExlService Holdings, Inc. (EXL) on the proposed acquisition. ExlService Holdings, Inc. has entered into a definitive agreement to acquire iMerit in a transaction valued at up to $310 million in upfront and future consideration. iMerit, a recognised leader in AI model training, evaluation and reinforcement learning, supports clients in training large language and multimodal models to improve accuracy, precision and effectiveness. EXL said the acquisition will enhance its capacity to deliver measurable results from AI, foster collaborations with leading foundation model developers and broaden its presence in rapidly growing AI technology markets. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Trilegal represented iMerit and its shareholders with a team composed by: Abhishek Guha (Partner), Tanya Uppal (Partner), Shreya Gokhale (Senior Associate) and Vijay Chawla (Senior Associate). The following provided support: Labour and Employment law: Apeksha Mattoo (Partner), Maitreya Sharma (Senior Associate), Associates Achintya Anupam and Anjali AR; Real Estate law: Monika Bhonsale (Partner), Uday Shah (Senior Associate), Muskan Dadia (Associate); Competition law: Gauri Chhabra (Partner); Intellectual Property law: Kirti Balasubramanian (Partner); Technology, Media, and Telecommunications law: Jishnu Sanyal (Partner). Sheppard advised ExlService Holdings, Inc. with a team composed by: Valerie Demont (Partner), Matt McCalip (Partner), Associates Teresita Acedo, Anushna Das and Claire Jang. They were assisted by: Greg Berk (Partner), Brandon Buck (Associate), Michael Chan (Partner), Tracy Chau (Associate), Dmitriy Chelnitsky (Partner), Brian Egan (Associate), Sally Elshihabi (Special Counsel), Jonathan Finkel (Attorney), Melissa Hughes (Associate), Sean Kirby (Partner), Malika Levarlet (Attorney), Theodore Mayer (Associate), Carolyn Metnick (Partner), Jennifer Redmond (Partner), Tamar Rosenberg (Partner), Isaiah Smith (Associate), Niya Tang (Partner), Dimitris Vallindas (Partner), Michael Weisshar (Associate) and Daniel Yannuzzi (Partner).
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