Wipro will acquire U.S.-based international TechneGroup Incorporated for $45 million about 312 crore Indian rupee, the company said.
ITI provides computer-aided design and product lifecycle management interoperability software services.
Founded in 1983 and headquartered in Ohio, U.S., ITI has offices in the U.K., Italy, Israel, and Germany.
ITI is privately held and has 130 employees as of March 2019. Its revenue stood at $23.2 million in the financial year 2018.
Harmeet Chauhan, senior vice president at Wipro said, “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.”
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 U.S. subsidiary of the company, it said.
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The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending Sept. 30.