Wipro to acquire InfoSERVER, a specialized IT Services provider for Banking, Financial Services & Insurance sector in Brazil
January 25 2017 - 8:00AM
Business Wire
Wipro Ltd. (NYSE:WIT, BSE: 507685, NSE: WIPRO), a leading global
information technology, consulting and business process services
company today signed an agreement to acquire InfoSERVER S.A. for
BRL 27.6 Million (USD 8.7Mn).
InfoSERVER, an IT services provider, which is focussed on the
Brazilian market, provides custom application development and
software deployment services.
Two-decade old InfoSERVER, which counts some of the largest
Brazilian banks as its clients, will help Wipro in expanding its
presence in the country’s highly traditional and competitive
Banking, Financial Services & Insurance market besides adding
invaluable domain and process knowledge on the sector.
This acquisition closely aligns with Wipro’s vision to localise,
expand its presence and become a significant partner of choice in
the LATAM market and an end-to-end IT services provider that brings
global expertise while operating as a local company. Wipro has a
significant presence in Latin America with offices across 5
countries in the region - Argentina, Brazil, Chile, Colombia and
Mexico.
“We welcome InfoSERVER to the Wipro family. The LATAM market and
Brazil in particular is a strategic growth and investment region
for Wipro. This acquisition will provide Wipro with scale and key
client relationships, especially in the banking, financial services
and insurance domains, which are the largest and fastest growing
sectors in the region,” said Ankur Prakash, Vice President and
Head of New Growth and Emerging Markets, Wipro Limited.
Welcoming the acquisition, Fabiano Funari, Vice President and
Head of Sales & Operations, InfoSERVER S.A. said, “We are
excited about what Wipro and InfoSERVER can accomplish together for
our customers and employees. Wipro and InfoSERVER will combine
strong local domain knowledge with technological breadth and global
experience to help clients achieve their desired outcomes. Wipro’s
global client base, delivery expertise and scale will help us
expand our reach and offerings.”
The acquisition is subject to customary closing conditions and
approvals by regulatory bodies in Brazil.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading
information technology, consulting and business process services
company that delivers solutions to enable its clients do business
better. Wipro delivers winning business outcomes through its deep
industry experience and a 360 degree view of “Business through
Technology.” By combining digital strategy, customer centric
design, advanced analytics and product engineering approach, Wipro
helps its clients create successful and adaptive businesses. A
company recognized globally for its comprehensive portfolio of
services, strong commitment to sustainability and good corporate
citizenship, Wipro has a dedicated workforce of over 170,000,
serving clients across 6 continents. For more information, please
visit www.wipro.com.
About InfoSERVER S.A.
InfoSERVER started its operations in 1995 with a
clear objective – to have a thorough knowledge about technologies
in order to innovate, develop and offer outstanding services to the
market. As its main clients have always been from the financial and
banking sectors, the company has invested heavily in technologies
involving information security and identity protection, and has
become a member of OATH (Initiative for Open
Authentication) – an organization that brings together the biggest
and best players of encryption and strong authentication in the
world – and has sought strategic and innovative partnerships. HQ:
Sao Paulo, Brazil. Intel Capital owns 36.79% shares in Infoserver
S.A.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks
and uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding fluctuations in our
earnings, revenue and profits, our ability to generate and manage
growth, intense competition in IT services, our ability to maintain
our cost advantage, wage increases in India, our ability to attract
and retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, our ability to manage our
international operations, reduced demand for technology in our key
focus areas, disruptions in telecommunication networks, our ability
to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the
companies in which we make strategic investments, withdrawal of
fiscal governmental incentives, political instability, war, legal
restrictions on raising capital or acquiring companies outside
India, unauthorized use of our intellectual property, and general
economic conditions affecting our business and industry. Additional
risks that could affect our future operating results are more fully
described in our filings with the United States Securities and
Exchange Commission. These filings are available at www.sec.gov. We
may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and
our reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us
or on our behalf.
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version on businesswire.com: http://www.businesswire.com/news/home/20170125005600/en/
Wipro Ltd.Vipin Nairvipin.nair1@wipro.comorSubhashini
Pattabhiramansubhashini.pattabhiraman@wipro.comorWipro Media
Contact in LATAM:Irais Moyairais.moya@wipro.com
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