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Wipro to acquire US-based International TechneGroup Incorporated for $45 mn

The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending September 30, Wipro said.

Wipro to acquire US-based International TechneGroup Incorporated for $45 mn

New Delhi: IT major Wipro Wednesday said it will acquire US-based International TechneGroup Incorporated, a global digital engineering and manufacturing solutions company for USD 45 million, the company said in a BSE filing.

“ITI’s offerings and solutions will be consolidated as a part of Wipro’s Industrial & Engineering Services business and will function as a wholly-owned US subsidiary of the company,” Wipro said in a statement.

The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending September 30, 2019, it added.

“This acquisition complements Wipro’s core strengths in Industry 4.0 and allows us to offer end-to-end solutions in Digital Engineering and Manufacturing. We are pleased to welcome ITI’s employees and are confident that their unique offerings and solutions will add value to our organization,” said Harmeet Chauhan, Senior Vice President, Industrial & Engineering Services, Wipro Limited.

“Our customers and employees will benefit from the synergies of ITI and Wipro’s combined portfolio of offerings,” said Tom Gregory, CEO, International TechneGroup Incorporated.