Wipro has announced that it will acquire engineering services company Eximius Design for $80 million (about ₹586.3 crore). In a regulatory filing, Wipro said the purchase consideration is $80 million.
This acquisition will help Wipro to expand into newer market segments and elevate the customer's journey in next-generation technologies such as connected products, embedded AI and security, it said. Eximius Design has around 1,100 employees and had registered consolidated revenues of $35.2 million in 2019.
It provides end-to-end solutions and services for building smarter, smaller and faster-connected products for various use cases of IoT, Industry 4.0, Edge Computing, Cloud, 5G and Artificial Intelligence. Their clientele include companies across semiconductors, cloud and hyper-scale infrastructure, consumer electronics and automotive segments.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending December 31, 2020.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.