Wipro Ltd. has signed a definitive agreement to buy the U.S-based consulting firm Rizing Intermediate Holdings Inc. for $540 million (about Rs 4,100 crore) as it continues to hunt for acquisitions to push growth.
The U.S.-based company will add to Wipro’s SAP Cloud practice and Wipro FullStride Cloud Services, Wipro said in an exchange filing. The acquisition is subject to regulatory approvals and is expected to close before the end of the quarter ending June 30.
“Rizing’s complementary consulting capabilities and strong client relationships will significantly boost our existing offering, creating one of the most differentiated SAP services in the marketplace," Thierry Delaporte, chief executive officer and managing director, Wipro, said in the filing.
"Together, we will be able to expand our presence in high-growth industry sectors.”
The second deal in a month marks the IT company's "ambitious growth agenda". It acquired Convergence Acceleration Solutions on April 11.
Upon completion of the acquisition, the U.S-based company will operate as 'Rizing, a Wipro company' under Chief Executive Officer Mike Maiolo.
Maiolo termed it as "the next phase of growth for Rizing". "With Wipro’s backing, we will be able to enhance the we deliver to our current clients and bring our differentiated offering to a broader universe of businesses."
According to him, the acquisition will allow the company "to scale services and expand its footprint in the market".
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