Wipro Ltd said it has signed a definitive agreement to acquire International TechneGroup Incorporated (ITI), a global digital engineering and manufacturing solutions company.
According to sources, the company is being acquired for $45 million (₹312 crore).
The acquisition is expected to close in the quarter ending September 30, 2019.
ITI is a world leader in Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services. Through its key solutions for Model Based Enterprise (MBE), data interoperability and data migration, ITI provides the building blocks for Industry 4.0, to help build ‘next generation’ digital enterprises, a Wipro statement said.
ITI’s offerings and solutions will be consolidated as a part of Wipro’s Industrial & Engineering Services business and will function as a wholly-owned US subsidiary.
EngineeringNXT
Wipro’s Industrial & Engineering Services provides customers with a platform to innovate and engineer the next generation of products and platforms at scale, using an approach termed as ‘EngineeringNXT’.
“As enterprises innovate and invest in ‘EngineeringNXT’, they are looking for ways to build a Digital Thread across design, engineering, and manufacturing. This acquisition complements Wipro’s core strengths in Industry 4.0 and allows us to offer end-to-end solutions in Digital Engineering and Manufacturing. We are pleased to welcome ITI’s employees and are confident that their unique offerings and solutions will add value to our organisation,” said Harmeet Chauhan, Senior Vice-President, Industrial & Engineering Services, Wipro Ltd.
“Our customers and employees will benefit from the synergies of ITI and Wipro’s combined portfolio of offerings,” said Tom Gregory, CEO, International TechneGroup Incorporated.
“Clients will gain access to Wipro’s global services and ITI’s innovative solutions to accelerate the adoption of digital manufacturing initiatives. We are pleased to become a part of the Wipro family.”