Wipro Buying US Digital Firm ITI for $45 million
Wipro is buying the US-based digital engineering and manufacturing solutions firm International TechneGroup Incorported (ITI) for $45 million (Rs 312 crore) in an all cash deal, the software major said on Wednesday.
"We have signed an agreement to acquire 100 per cent equity shares in ITI for $45 million by September 30," said the city-based IT major in a regulatory filing on the BSE.
Headquartered at Milford in Midwest Ohio, ITI provides Computer Aided Design (CAD) and Product Lifecycle Management (PLM) inter-operability software services to enterprises worldwide.
"The acquisition complements our core strength in Industry 4.0 and allows us to offer end-to-end solutions in digital engineering and manufacturing," said the tech behemoth in the filing.
With sales-cum-development offices in Britain, Germany, Israel and Italy, ITI services leading manufacturers in diverse verticals, including aerospace, automotive and healthcare.
"Through key solutions for model based enterprise, data inter-operability and data migration, the 36-year-old lTl gives building blocks for lndustry 4.0, to help build'next generation' digital enterprises," said the filing.
ITI has also partnerships with leading CAD, Computer Aided Manufacturing (CAM), Computer Aided Engineering (CAE) and PLM vendors, providing vendor/OEM integration and interoperability solutions.
As enterprises innovate and invest in 'EngineeringNXT', they are looking for ways to build a digital thread across design, engineering and manufacturing.
"ITI's offerings and solutions will be consolidated as a part of our industrial and engineering services business and function as our wholly-owned US subsidiary," said the outsourcing firm in a statement later here.
Wipro Vice-President for industrial and engineering services Harmeet Chauhan said he was confident that ITI's unique offerings and solutions would add value to the company.
"Our customers and employees will benefit from the synergies of both the firms and their combined portfolio of offerings," said ITI Chief Executive Tom Gregory in the statement.
Read more news: