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Wipro to acquire International TechneGroup Incorporated

Posted On: 2019-06-05 20:41:33

Wipro Limited (NYSE: WlT, BSE: 507685, NSE:WIPRO), a leading information technology, consulting and business process services company, today announced that it has signed a definitive agreement to acquire International TechneGroup Incorporated (ITI), a global digital engineering and manufacturing solutions company.

ITI is a world leader in Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services. Through its key solutions for Model Based Enterprise (MBE), data interoperability and data migration, ITI provides the building blocks for Industry 4.0, to help build 'next generation' digital enterprises.

Founded in 1983 and headquartered in Milford, Ohio, USA, ITI has offices in the United Kingdom, Italy, Israel and Germany and directly provides software products and services to some of the world's leading manufacturers across aerospace, automotive, healthcare and other segments. ITI has long-standing partnerships with leading CAD, Computer Aided Manufacturing (CAM), Computer Aided Engineering (CAE) and PLM vendors, providing a variety of vendor/OEM integration and interoperability solutions.

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's Industrial & Engineering Services provides customers with a platform to innovate and engineer the next generation of products and platforms at scale, using an approach termed as 'EngineeringNXT'.

"As enterprises innovate and invest in 'EngineeringNXT', they are looking for ways to build a Digital Thread across design, engineering, and manufacturing. 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. "Clients will gain access to Wipro's global services and ITI's innovative solutions to accelerate the adoption of digital manufacturing initiatives. We are pleased to become a part of the Wipro family."

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

Founded in 1983, ITI is an IP-based PLM & CAD products and solution provider. ITI is headquartered in Milford, Ohio, USA with offices in UK, Italy, Israel and Germany. ITI is privately held and has a workforce of 130 employees (Mar 2019). Last three years' revenue (year-ending 30 June): US $19.6M (FY16), US $22.2M (FY17) and US $23.2M (FY18)

Shares of WIPRO LTD. was last trading in BSE at Rs.293.9 as compared to the previous close of Rs. 291.3. The total number of shares traded during the day was 836656 in over 7291 trades.

The stock hit an intraday high of Rs. 296 and intraday low of 290.85. The net turnover during the day was Rs. 245792274.


Source: Equity Bulls

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