CARE Ratings sign MoU with Tresata Inc
CARE Ratings announced on Wednesday that it has signed a memorandum of understanding (MoU) with Tresata, a global leader in artificial intelligence (AI) & predictive analytics software in a bid to launch predictive intelligence business solutions in India.
Tresata's analytics operating system will allow CARE Ratings to deliver superior products and services that manage risk and identify opportunities by leveraging the latest advances in AI and data science.
Under the arrangement, CARE Ratings will implement Tresata’s proprietary state-of-the-art, cloud-based, analytics software to help transform its own data management, data validation, and analytical modelling as well as risk intelligence capabilities. The system would enable rating analysts to leverage the latest artificial intelligence and machine learning techniques to analyse client data when evaluating risk, both current and emerging.
This partnership is unique in the sense that it will not only leapfrog CARE’s analytical capabilities but also enable co-innovation to create intelligence solutions, on which Indian corporations can depend on for further fulfilling their ambitions, the company stated in a press release to the BSE.
Speaking on the announcement, Ajay Mahajan, MD & CEO of CARE Ratings stated that Tresata’s analytics operating system will power the company’s core rating applications, which will help to revolutionise intelligence about businesses in India, which would, in turn, assist in making data-driven decisions.
On Wednesday, the stock of CARE Ratings closed at Rs 401.30 per share, lower by 2.30 per cent or Rs 9.45 per share on BSE, against a 0.10 per cent decrease in the benchmark index. The 52-week high is recorded at Rs 726.60 and the 52-week low is Rs 236.45 on BSE.