Bengaluru: Software major Wipro on Tuesday said it has signed an agreement to acquire IVIA Servicos de Informatica Ltda, a specialised IT Services provider to financial services, retail and manufacturing sectors in Brazil.
Founded in 1996, IVIA provides IT solutions including system development, maintenance, consulting and project management services to clients in different sectors. Wipro bought IVIA Servicos de Informatica Ltda for $22.4 million (Rs 168.9 crore).
The 24-year-old Latin firm is headquartered in northeast Brazil, with offices in Fortaleza-Ceara, Recife-Pernambuco and Natal-Rio Grande do Norte. Wipro said IVIA's local talent and long-standing relationships will help it expand the geographical footprint in Brazil.
The acquisition will also help Wipro set up delivery centres in the North East of Brazil leveraging IVIA's workforce.
Wipro has a significant presence in Latin America with offices across five countries in the region -- Brazil, Mexico, Chile, Colombia and Costa Rica.
"We welcome employees of IVIA to the Wipro family. They bring with them unique strengths and experience that will be of immense benefit to Wipro," Mukund Seetharaman, Vice President and Head of LATAM, Wipro Limited, said in a statement.
"We continue to make strategic investments in this region and this acquisition will help Wipro address the needs of clients across multiple verticals. Wipro's digital capabilities combined with IVIA's strengths will maximise benefits for clients."
The acquisition is subject to customary closing conditions and is likely to be completed in the quarter ending September 30, Wipro said.
Wipro on Tuesday posted a net profit at Rs 2,390.40 crore for the quarter ended June 30, an growth of 0.1 per cent year-over-year.
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