Wipro buys out Finnish firm for $33M
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Wipro buys out Finnish firm for $33M

By agencies   |   Friday, 09 June 2006, 07:00 Hrs
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BANGALORE: Wipro Technologies, the global IT services arm of Wipro Ltd, today announced the acquisition of Saraware Oy, a Finland-based wireless design services firm, for $33 million in an all-cash deal.

According to a company statement here, the transaction includes earn-outs of Saraware over the next 18 months. The deal is expected to be completed within a month.

The 21-year-old Saraware is a leading provider of design and engineering services to telecom firms. The strategic acquisition will enhance Wipro's domain expertise in radio networks and secure mobile platforms.

About 50 percent of global market share in wireless infrastructure domain is dominated by major players in the Nordic belt.

"This acquisition gives us presence in Finland and puts us in the heart of the Nordic region. Near-shore development centers will enable us to take up more complex and end-to-end engagements with our customers," said Ramesh Emani, Wipro Technologies president for product engineering services.

Post-acquisition, the third largest Indian IT bellwether plans to develop base station controllers and mobile communication platforms by involving Saraware's 200 specialists based in Finland.

Commenting on the deal, Saraware CEO Risto Niva said Wipro would add scale and global reach to its domain competencies and strong Nordic presence.

"Our engagement with Wipro will enable us to establish as leaders in the wireless networks and secure mobile platforms globally," Niva said.

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