Wipro acquires Finlands Saraware for 25 mln euros

New Delhi, June 8 (UNI) Wipro Ltd, India's third-largest software services company, today said it had signed an agreement to acquire Finland-based company -- Saraware Oy -- for 25 million euros.

The all cash deal includes upfront cash payment and debt takeover, in addition to earn-outs on achieving targeted financial conditions over an 18 month period.

Wipro Technologies Product Engineering Services President Ramesh Emani said, ''This acquisition gives us much needed local presence in Finland and puts us in the heart of the Nordic region. We need near-shore development centers, as we take up more complex and end-to-end engagements with our customers.'' The acquisition adds expert domain competencies in the areas of radio networks and secure mobile platforms. Saraware has nearly 200 specialists in these domains based out of Finland.

Close to 50 per cent of the global market share in the Wireless Infrastructure domain is dominated by major players in the Nordic belt.

''Combined with Wipro's existing competencies, the deal helps us penetrate into high growth segments like secure communications and gives us the capability to handle complete outsourcing deals in the evolving GSM, 3G and Tetra markets,'' Mr Emani added.

''This is a win-win partnership. Wipro adds scale and global reach to Saraware's domain competencies and strong Nordic presence.

Together, we will be able to establish ourselves as leaders in the Wireless Networks and Secure Mobile platforms globally,'' Saraware CEO Risto Niva said.

The entire deal is expected to be finalised in the next one month.

Saraware, a 21 year old company, is a leading provider of Design and Engineering services to Telecom companies.

UNI RA PM1948