Wipro buys Finnish Saraware for euro 25 mnOur Bureau / Bangalore June 8, 2006Close on the heels of acquiring Portugese retail solutions provider Enabler for euro 41 mn, Wipro Technologies, the global IT services arm of Wipro, has announced one more acquisition in Europe. This time the company is based out of Finland. Wipro has signed an agreement to acquire Saraware, a privately-held design and engineering services provider to telecom companies, 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, had a turnover of of euro 15 million in the last calender year and currently employes 200 people. The company has four development centres in Finland at Rovaneimi, Kokkola, Pori and Seijnojoki. "This acquisition gives us a 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," Ramesh Emani, president, (product engineering services) Wipro Technologies, said.Besides access to Saraware's design centres in Finland, the acquisition brought niche skills in development of base station controllers and mobile communication platforms. "Combined with Wipro
