Wipro to buy Chennai-based Encore Theme Technologies

Wipro will acquire Chennai-based firm Encore Theme Technologies Private Ltd, a software-as-a-service (SaaS) and cloud solutions provider in financial services, for a value of up to Rs 95 crore.

The acquisition is subject to customary closing conditions and is likely to be finalised in the quarter ending December 31, 2020, the company said in a statement.

Wipro will buy a 73 percent equity stake upfront and the remaining 27 percent stake is subject to the receipt of certain regulatory approvals and confirmations, the statement added.

This makes the company Wipro’s fourth acquisition since Thierry Delaporte took over as the new chief executive officer (CEO) in July.

That same month, Wipro made two acquisitions, Salesforce-partner 4C based in Belgium for $79 million and Brazilian information technology firm IVIA Servios de Informatica Ltda for $22.4 million. In October, the company acquired engineering services firm Eximius Design for $80 million.

The recent acquisition of Encore Theme will make Wipro a dominant player in implementing Finastra solutions, which the Chennai-based firm specializes in, the company said in a statement. Finastra is a fintech firm based in London and offers diverse solutions to financial institutions.

“Financial institutions are all looking to modernize their trade platforms and focus on the end-to-end digitalization of commercial

routines. Trade Finance is a strong revenue generation stream with a high cost base structure, where technology will play a big part in driving future growth. Wipro, a global strategic partner of Finastra, and Encore Theme will together enable this modernization for financial institutions,” the statement said. Moneycontrol News