Wipro to acquire US-based ITI
IT major Wipro said it will acquire US-based International TechneGroup Incorporated (ITI) for $45 million (around Rs 312 crore).
Founded in 1983 and headquartered in Ohio, USA, ITI has offices in the UK, Italy, Israel and Germany. It provides Computer Aided Design and Product Lifecycle Management interoperability software services.
ITI is privately held and has 130 employees as of March 2019. Its revenue stood at $23.2 million in FY18 (year ending June 30).
Harmeet Chauhan, Senior Vice President, Industrial and Engineering Services, Wipro, 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’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 US subsidiary of the company.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending 30 September 2019.