ExlService (EXLS) said Wednesday it has signed a definitive agreement to acquire iMerit, a data company for training artificial intelligence models, for up to $310 million.

Under the deal terms, the total consideration comprises $170 million in upfront payment and an additional $140 million in incentives and earnouts over two years contingent on meeting specified milestones, the company said.

ExlService said it will integrate iMerit's Ango platform with its agentic platforms, including, EXLerate.ai, EXLdata.ai, and EXLdecision.ai.

The deal is slated to close in Q3, subject to customary closing conditions, including the expiration or termination of the waiting period under applicable antitrust regulations, according to a statement.