Wipro acquires Quantech in all-cash deal

Mumbai, May 15 (UNI) Bangalore-based IT major Wipro Ltd has signed a definitive agreement to acquire the US-based Quantech Global Services LLC and the India-based Quantech Global Services Ltd in an all cash deal.

In a communique to the Bombay Stock Exchange (BSE), the company informed that the consideration includes upfront cash payment on closure of the transaction as well as earn-outs on achieving agreed financial targets over a three-year period.

Through this acquisition, Wipro gains over 500 domain specialists, thus strengthening its ability to provide proven competence in mechanical engineering design and analysis services.

The entire transaction is expected to be closed during the next one month, subject to customary closing conditions and regulatory approvals, pointed out the communique.

UNI JJ PM SKB1917