Wipro shares nosedived over 9 pc after missed earnings expectations
Shares of IT major Wipro nosedived on Monday by nearly 9.3 per cent over missed expectations in its April-June quarter results and a weak guidance for the next quarter.
IT major Wipro Wednesday said it will acquire US-based International TechneGroup Incorporated for USD 45 million (around Rs 312 crore).
International TechneGroup Incorporated (ITI) provides Computer Aided Design and Product Lifecycle Management interoperability software services.
Founded in 1983 and headquartered in Ohio, USA, ITI has offices in the UK, Italy, Israel and Germany.
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ITI is privately held and has 130 employees as of March 2019. Its revenue stood at USD 23.2 million in FY’18 (year ending June 30).
“The acquisition complements Wipro’s core strengths in Industry 4.0 and will allow Wipro to offer end-to-end solutions in Digital Engineering and Manufacturing,” Harmeet Chauhan, Senior Vice President, Industrial and Engineering Services, Wipro, said.
ITI’s offerings and solutions will be consolidated as a part of Wipro’s industrial and engineering services business and will function as a wholly-owned US subsidiary of the company, it added.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending September 30, 2019.
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