Wipro buying Brazilian IT firm for $8.7 mn
Software major Wipro Ltd on Wednesday announced acquiring Brazilian IT services provider InfoServer for $8.7 million (Rs 59 crore).
The Sao Paulo-based 20-year-old InfoServer provides custom application development and software deployment services in the Brazilian market.
"The acquisition will help us expand our presence in Brazil's traditional and competitive banking, financial services and insurance (BFSI) market and add domain and process knowledge in the sector," Wipro said in a statement.
With some of the largest Brazilian banks as InfoServer's marquee clients, the buyout aligns with Wipro's aim to localise, expand its presence and become a partner of choice in the Latin America market.
Wipro has offices in Argentina, Brazil, Chile, Colombia and Mexico across the region.
"As the LatAm (Latin America) market is a strategic growth and investment region for us, the acquisition will provide us with scale and key client relationships, especially in the BFSI domains, which are the largest and fastest growing sectors in the region," said Ankur Prakash, Wipro's Vice-President and Head of New Growth and Emerging Markets.
The acquisition is subject to customary closing conditions and approvals by regulatory bodies in Brazil.
"We will combine our local domain knowledge with Wipro's technological breadth and global experience to help our clients achieve their desired outcomes. Wipro's delivery expertise and scale will help us expand our reach and offerings," said InfoServer Vice-President Fabiano Funari on the occasion.