Wipro completes acquisition of International TechneGroup1 min read . Updated: 05 Oct 2019, 12:29 PM IST
- In June this year, Wipro signed a definitive agreement to acquire ITI for $45 million
- ITI’s offerings and solutions will be consolidated as a part of Wipro’s Industrial and Engineering services business
Bengaluru-based IT services company Wipro Ltd has completed the acquisition of US-based International TechneGroup Inc (ITI).
Referring to an earlier announcement on the proposal to acquire ITI, Wipro, in a BSE filing on 4 October, said that “the said acquisition has been completed on October 3, 2019."
In June this year, Wipro signed a definitive agreement to acquire ITI for $45 million (around ₹318 crore). ITI, a digital engineering and manufacturing solutions company, is said to be a leader in Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services.
ITI’s offerings and solutions will be consolidated as a part of Wipro’s Industrial and Engineering services business and will function as a wholly-owned US subsidiary of the company. “Wipro’s Industrial and Engineering Services provides customers with a platform to innovate and engineer the next generation of products and platforms at scale, using an approach termed as EngineeringNXT," Wipro had said in a release dated 5 June.
“This acquisition complements Wipro’s core strengths in Industry 4.0 and allows us to offer end-to-end solutions in Digital Engineering and Manufacturing," Harmeet Chauhan, senior vice president, Industrial & Engineering Services, Wipro said in the release.
Founded in 1983 and headquartered in Milford, Ohio, US, ITI has offices in the UK, Italy, Israel and Germany and directly provides software products and services to leading manufacturers across aerospace, automotive, healthcare and other segments.