MasterCard Advisors, a division of MasterCard has acquired an equity stake in Mu Sigma and signed up the data analytics company to jointly develop analytics products for companies, according to the company.

Mu Sigma, the big data company which has its delivery center in Bangalore and is headquartered in Chicago, has grown phenomenally in the last few years. Founded in 2004, by Dhiraj Rajaraman, a former strategy consultant for Booz Allen Hamilton and PwC, it now employs nearly 2500 people.

Update: The Data Analytics firm is now valued at $1 billion, according to The Economic Times. The firm has a revenue target of $200 million this year, the report said.

The company did not disclose details of the funding.

MasterCard Advisors is a source of aggregated and anonymous transactions and is positioned to deliver business intelligence and predictive analytics to industries and verticals including merchants, financial institutions, advertisers, manufacturers and governments, the company said.

Mu Sigma raised $30 million from FTVentures and then in April 2011, went on to raise an additional $25 million from Sequoia Capital. A further round of $108 million was raised from Sequoia and General Atlantic.Gartner Hype Cycle Big Data

Big Data is being hailed as the next big thing in the IT world. According to Gartner, Big Data will drive $28 billion in IT spending in 2012 and in 2013, it is expected to drive $34 billion of IT spending.