Wipro will acquire US- based ITI for $ 45 mn
Jack Jun 06, 2019 12:04 IST
On Wednesday, IT major Wipro said that it will acquire US-based International TechneGroup Incorporated (ITI) for $ 45 million (around Rs 312 crore).
ITI was founded in 1983 and headquartered in Ohio, USA. ITI has offices in the UK, Italy, Israel and Germany. ITI provides Computer Aided Design and Product Lifecycle Management interoperability software services. As of march 2019, ITI is privately held and has 130 employees. Its revenue stood at $ 23.2 million in FY'18 (year ending June 30).
The Industrial and Engineering Services of Wipro, Senior Vice President, Harmeet Chauhan said, "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. ITI offerings and solutions will be consolidated as a part of Wipro's industrial and engineering services business and will function as a wholly-owned US subsidiary of the company".
The acquisition is subject to customary closing conditions and regulatory approvals. It is expected to close in the quarter ending September 30, 2019.
Wipro will acquire US- based ITI for $ 45 mn
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