Wipro completes acquiring Brazilian firm
Software giant Wipro has announced on Tuesday that it has successfully acquired Brazilian IT firm InfoServer SA at $8.7 million on Monday.
Software major Wipro on Tuesday announced completing the acquisition of Brazilian IT services firm InfoServer SA at $8.7 million (Rs 59 crore) on Monday.
"We would like to inform that the acquisition of InfoServer has been completed on April 10. The impact of the acquisition is expected to reflect in our financials for the quarter ending June 30, 2017," said the IT major in a regulatory filing on the BSE.
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 the Brazil's traditional and competitive Banking, Financial Services and Insurance (BFSI) market and add domain and process knowledge in the sector," said the city-based company in a statement on January 25.
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 Latino 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.