Tech major Wipro today said it has completed the acquisition of Brazilian IT service provider InfoSERVER. The impact of the buyout will reflect in the financials of the company for the June quarter, it added.
“We would like to inform that the acquisition of InfoSERVER has been completed on April 10, 2017. The impact of InfoSERVER acquisition is expected to reflect in the financials of the company for the quarter ending June 30, 2017,” Wipro said in a BSE filing.
In January this year, Wipro signed an agreement to acquire InfoSERVER, an IT service provider focused on the Brazilian market for USD 8.7 million.
Wipro had then stated that InfoSERVER, which counts some of the largest Brazilian banks as its clients, will help it in expanding presence in that country’s highly traditional and competitive banking, financial services and insurance market, besides adding domain and process knowledge on the sector.
“The Lat-Am market and Brazil in particular is a strategic growth and investment region for Wipro.
“This acquisition will provide Wipro with scale and key client relationships, especially in the banking, financial services and insurance domains, which are the largest and fastest growing sectors in the region,” Ankur Prakash, Vice President and Head of New Growth and Emerging Markets, Wipro had said.