The Hindu Business Line : Wipro Tech buys Saraware Oy

Wipro Technologies announced yet another acquisition — Finland-based Saraware Oy, a wireless network infrastructure provider. The € 25 million (approximately Rs 147.5 crore) deal included upfront cash payment and debt takeover. In addition, there are earn-outs on achieving targeted financial conditions over an 18-month period.

This is Wipro's third acquisition this financial year. The company has spent over Rs 400 crore on the acquisitions and added around 1,600 employees. Earlier this month, Wipro acquired Portugal-based retail solutions provider Enabler for € 41 million and, in May, it acquired US-based Quantech Global Services for $10 million.

Saraware raked in revenue of € 3.8 million for the last quarter (€ 15 million annualised) and is a profitable firm employing 200, said Mr Risto Niva, CEO, Saraware.

"This acquisition would help us position ourselves in the GSM/WCDMA wireless network market, which stood at $32 billion in 2005," said Mr Ramesh Emani, President, Product Engineering Solutions, Wipro Technologies.

Wipro's near-shore presence in Europe has been fortified by this acquisition. It would also help Wipro prepare for the 3G evolution and give it access to the mobile security (public radio systems used by police) domain. "These are niche domains — we are intent on adding expertise in them," said Mr Emani. The company will ramp up teams at each of the acquired firms overseas and plans to level out expertise across its locations.

More Stories on : Software | Mergers & Acquisitions | Wipro Ltd | Overseas Investments

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