Wipro to Acquire Applied Value Technologies for $40 Million
Wipro has announced plans to acquire Applied Value Technologies (AVT), a Massachusetts-based IT services consulting firm, in an all-cash deal valued at $40 million. The acquisition is expected to close by December 31, 2024, subject to regulatory approvals, as per a filing on the Bombay Stock Exchange (BSE). The deal aims to strengthen Wipro’s application services capabilities, aligning with its broader business turnaround strategy. AVT helps enterprises transform IT operations through a highly customised and data-driven approach. This acquisition will enhance Wipro’s existing application services portfolio, driving new growth opportunities. The $40 million purchase consideration includes deferred payments tied to AVT achieving specific performance metrics. AVT operates subsidiaries in Massachusetts, Singapore, and the Netherlands, established between 2021 and 2022, offering enterprise application development and support services to global clients. Its consolidated revenue has grown significantly over the years, from $0.8 million in 2021 to $19.4 million in 2023. This acquisition follows a series of strategic moves by Wipro, including a 27% stake in SDVerse, an automotive software marketplace, for $5.85 million, and a $66 million purchase of a 60% stake in US based insurtech company Aggne Global earlier this year. Wipro recently also joined forces with SIAM.AI, a member of the NVIDIA Cloud Partner program in Thailand, to create an AI-powered digital assistant for the country’s Tourism Authority. Built using NVIDIA AI Enterprise software, Wipro’s Enterprise Generative AI (WeGA) Studio, and SIAM.AI’s expertise, the assistant, named ‘Sukjai,’ aims to enhance tourism experiences while advancing Thailand’s sovereign AI objectives. Wipro recently also announced the appointment of Omkar Nisal as the chief executive officer for its Europe Strategic Market Unit (SMU). Effective immediately, Omkar will report to Wipro’s CEO and MD, Srini Pallia, and will join the Wipro Executive Board, succeeding Pierre Bruno, who is stepping down.
AVT helps enterprises transform IT operations through a highly customised and data-driven approach.
Wipro has announced plans to acquire Applied Value Technologies (AVT), a Massachusetts-based IT services consulting firm.
["Applied Value Technologies", "Mergers and Acquisitions", "Wipro"]
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Mohit writes about AI in simple, explainable, and often funny words. He's especially passionate about chatting with those building AI for Bharat, with the occasional detour into AGI.