Wipro acquires Finnish company for Euro 25 mn

Mumbai, June 8 (UNI) Wipro Ltd has signed an agreement to acquire the Finland-based Saraware Oy in an all cash deal of Euro 25 million.

Announcing this to BSE, the company said the consideration includes upfront cash payment and debt takeover. In addition there are earn-outs on achieving targeted financial conditions over an 18 month period.

This acquisition adds expert domain competencies in the areas of Radio Networks and Secure Mobile platforms, it said.

Saraware, the 21-year-old company, is a leading provider of design and engineering services to telecom companies and has nearly 200 specialists in these domains based out of Finland.

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

Wipro President (Product Engineering Services) 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.'' In addition, he continued, this acquisition brings niche skills in development of base station controllers and mobile communication platforms.

''The acuqisition also helps to penetrate into high growth segments like secure communication and gives us the capability to handle complete outsourcing deals in the evolving GSM, 3G and Tetra markets,'' Mr Emani added.

Sudip Nandy, Chief Strategy Officer, Wipro Technologies, commented ''Over the past few months through acquisitions in Europe we have added local work force in Portugal, Austria, France, and Germany.

Saraware gives us a local work-force in the Nordics through a presence in Finland. This is in line with our drive to transform ourselves into a truly global company with global workforce.'' The entire transaction is expected to be closed during the next one month. The closing of the transaction is subject to customary closing conditions and regulatory approvals.

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