Wipro acquires Saraware for 25 mn Euros

BANGALORE: Wipro

Ltd has announced that it has signed an agreement to acquire the Finland based

Saraware Oy in an all cash deal. The consideration of Euro 25 Million includes

upfront cash payment and debt takeover. In addition there are earn-outs on

achieving targeted financial conditions over an 18 month period.

Saraware, a 21 year old Company, is a leading provider of Design and

Engineering services to Telecom companies. This 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 percent of global market share in Wireless Infrastructure domain

is dominated by major players in the Nordic belt. Ramesh Emani, President,

Product Engineering Services of the company 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, this acquisition brings

niche skills in development of Base Station Controllers and mobile communication

platforms. Combined with Wipro's existing competencies, it 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."

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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