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, the company said
NEW DELHI :
IT services major Wipro on Tuesday said 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.
"Eximius complements Wipro's EngineeringNXT core strengths and 35-year pedigree in VLSI and systems design," it added.
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.
Founded in August 2013, Eximius is headquartered in San Jose, US and has design centres in the US, India and Malaysia.
Their clientele include companies across semiconductors, cloud and hyper-scale infrastructure, consumer electronics and automotive segments.
"Eximius enables Wipro to strengthen market leadership in VLSI and systems design services by expanding our market presence and strengthening our technical leadership in the semiconductor ecosystem, to help accelerate silicon innovation for our customers," Wipro Senior Vice President, Industrial and Engineering Services Harmeet Chauhan said.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending December 31, 2020.
"Our customers, employees and the entire semiconductor ecosystem will tremendously benefit from the synergies of Eximius and Wipro's combined portfolio of offerings," Jay Avula, CEO, Eximius Design said.
Clients will gain access to Wipro's global scale and offerings, along with Eximius' innovative solutions to accelerate the adoption of ASIC, FPGA, systems and software engineering initiatives, Avula added.
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