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Indian software major Wipro acquires US firm for 28 million dollars

Posted by iTech - 2005-12-25

Indian software major Wipro has announced it has bought US-based information technology firm mPower for 28 million dollars cash, its second foreign acquisition this week.
 
The deal comes on the heels of its purchase Monday of an Austria-based semiconductor design services firm for 56 million dollars and is part of a growing trend by Indian firms to buy foreign companies.

The US firm mPower has a development center in the southern Indian city of Chennai, which is a joint venture with MasterCard International, and posted revenues of 18 million dollars last year.

"Through this acquisition, Wipro adds on a 300-member strong team with deep domain expertise in the payment space which will enable it to expand its market in the financial solutions business," Wipro said in a statement Thursday.

Sriram Srinivasan, vice-president of banking solutions at Wipro Technologies, said Wipro will provide MasterCard and other clients with services such as application development, maintenance, outsourcing and testing.



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