Wipro to buy US IT company Infocrossing Inc

Mumbai, Aug 7: Wipro Technologies is to acquire Infocrossing Inc, a US based IT infrastructure management, enterprise application and BPO services provider, that will create one of the world leaders in the USD 150 billion IT infrastructure management solutions market.

Both, the companies have signed an agreement for Wipro to acquire Infocrossing for USD18.70 per share in an all cash deal. The acquisition will be conducted by means of a tender offer for all of the outstanding shares of Infocrossing, followed by a merger of Infocrossing with a Wipro subsidiary. The tender offer is expected to close by the fourth quarter of 2007, the company statement said today.

Watch Video

''Wipro Technologies has identified global infrastructure services as an important driver of growth for the company and is pleased to add Infocrossing, which provides integrated managed infrastructure services to premier global clients,'' said Suresh Vaswani, President, Global IT Service-lines, Wipro. '' Global clients are increasingly realizing the value of these services'', he added.

''Infocrossing is pleased to be joining such a strong global organization such as Wipro Technologies,'' commented Zach Lonstein, Chairman and CEO, Infocrossing.

According to industry association NASSCOM, the global IT infrastructure market has been projected to be USD 150 billion and the global market opportunity for remote infrastructure management services is predicted to reach USD 70 billion.

Infocrossing Inc. is a provider of selective IT infrastructure, enterprise application and BPO services delivering computing platforms and proprietary systems.

Wipro provides comprehensive IT solutions and services to corporations globally, the release added.

UNI