Wipro reaches out to Brazil

Wipro Ltd. (NYSE:WIT, BSE: 507685, NSE: WIPRO) has signed an agreement to acquire Brazil’s InfoSERVER S.A. for US$8.7 million. The agreement was signed on January 25, 2017.

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 five 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, “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. fii-news.com