Chennai: IT major Wipro has said it will acquire US-based International TechneGroup Incorporated for $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. 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 30 June).
“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,” Senior vice president, Industrial and Engineering Services, Wipro, Harmeet Chauhan, said.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending 30 September.