Wipro to acquire InfoSERVER
25 January 2017
Bengaluru-based IT services firm Wipro has signed an agreement to acquire InfoSERVER SA, an IT services provider focused on the Brazilian market, for 27.6 Million Brazilian rial ($8.7 million).
The two-decade old InfoSERVER, which counts some of the largest Brazilian banks as its clients, will help Wipro expand its presence in the country's highly traditional and competitive banking, financial services and insurance (BFSI) market, besides adding domain and process knowledge on the sector.
''The Latin American 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 at Wipro.
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 countries five - Argentina, Brazil, Chile, Colombia and Mexico - in the region.
''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,'' Fabiano Funari, vice president and head of sales & operations, InfoSERVER SA said.
The acquisition is subject to customary closing conditions and approvals by regulatory bodies in Brazil.