Bengaluru-based Wipro continued its inorganic business on Tuesday, announcing the acquisition of global SAP consultancy Rizing Intermediate Holdings for $540 million (around Rs 406 crore). The company said the acquisition would significantly expand the scope of its capabilities to help businesses transform into intelligent enterprises.

The acquisition is subject to regulatory approval and is expected to close by the end of the quarter ending June 30, 2022. Rizing is the latest in a series of acquisitions by Wipro that underscore the company’s ambitious growth agenda. The acquisition will allow Wipro to build out its SAP consulting capabilities, bringing strategic consulting capabilities to large SAP transformation projects. Wipro acquired Capco last year for $1.5 billion.

It also strengthens Wipro’s presence in SAP-focused verticals such as retail and consumer goods, energy, and utilities. Rizing is headquartered in Stamford, Connecticut, with more than 20 offices in North America, Europe, Asia, and Australia. The company has more than 1,300 employees in 16 countries. Rizing was previously owned by private equity firm One Equity Partners.

“Rizing’s free consulting capabilities and strong client relationships will significantly enhance our existing offerings, creating one of the most differentiated SAP services,” said Wipro CEO and Managing Director Thierry Delaporte. Together, we will be able to expand our presence in high-growth industry sectors. “

Rizing’s high-touch approach, industry expertise, and SAP consulting capabilities in enterprise asset management, consumer industry, and human experience management will help advance Wipro’s sought-after consultant for clients’ most complex SAP transformations.

For CY21, the company reported revenue of $193.8 million. In terms of geographic contribution, North America is the most significant contributor (58%), followed by Asia (23%) and Europe (19%). Rajan Kohli, President of Wipro’s iDEAS (Integrated Digital, Engineering and Application Services) business, added: “Our customers’ digital transformation needs are rapidly evolving. They look to us to help them become intelligent enterprises. Rizing’s expertise combined with our cloud and digitalisation of these the solution will allow us to help our clients unlock new value and build agile businesses for the new digital age.”

As one of SAP’s leading strategic partners worldwide, Rizing will be an essential extension of Wipro’s SAP cloud practice and Wipro FullStride cloud service. The combined offering will help customers gain unique business opportunities and new competitive advantages through SAP cloud implementations. It will also help Wipro expand its leadership in the oil and gas, utilities, manufacturing, and consumer industries.

“This is the next phase of Rizing’s growth. With Wipro’s support, we will be able to enhance the value we offer our existing customers and bring our differentiated offerings to a wider range of business areas,” Rizing CEO Mike Maiolo Says. “Combining these two companies will allow us to expand our services and expand our footprint in the market. We are delighted to join a company that shares our values and vision, allowing us to grow in new strategic areas.” Following the acquisition, Rizing will operate under Maiolo’s leadership as Rizing, a Wipro company.