Wipro completes acquisition of US-based ITI

PTI New Delhi | Updated on October 05, 2019 Published on October 04, 2019

IT major Wipro on Friday said it has completed the acquisition of US-based International TechneGroup Incorporated (ITI).

Wipro had announced in June that it will acquire ITI, which provides computer aided design and product lifecycle management interoperability software services, for $ 45 million (around Rs 312 crore).

“The said acquisition has been completed on October 3, 2019,” Wipro said in a regulatory filing to BSE.

Founded in 1983 and headquartered in Ohio, US, ITI has offices in the UK, Italy, Israel and Germany. It is privately held and had 130 employees as of March 2019. Its revenue stood at $23.2 million in FY18 (year ending June 30).

Wipro had earlier said that the acquisition would allow the Bengaluru-based company to offer end-to-end solutions in digital engineering and manufacturing.

Published on October 04, 2019
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.