(Source: Wipro Limited verified twitter handle)

Wipro To Acquire U.S.-Based ITI For $45 Million

Wipro Ltd. said it will acquire U.S.-based International TechneGroup Incorporated for $45 million (around Rs 312 crore).

ITI provides computer aided design and product lifecycle management interoperability software services.

Founded in 1983 and headquartered in Ohio, U.S., ITI has offices in the U.K., Italy, Israel and Germany.

ITI is privately held and has 130 employees as of March 2019. Its revenue stood at $23.2 million in financial year 2018 (year ending June 30).

“The acquisition complements Wipro’s core strengths in Industry 4.0 and will allow Wipro to offer end-to-end solutions in digital engineering and manufacturing,” Harmeet Chauhan, senior vice president (industrial and engineering services) at Wipro, said.

ITI’s offerings and solutions will be consolidated as a part of Wipro’s industrial and engineering services business and will function as a wholly-owned U.S. subsidiary of the company, it said.

The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending Sept. 30.

Also read: Wipro ADS Holders Need To Become Direct Shareholders To Participate In Buyback

Bloomberg Quint

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